The Salary You Need to Buy a Home in Cities Across Canada - Good Info

[tjthemanto]

http://www.rentseeker.ca/blog/index....ss-canada/1829

[maggiespice]

Interesting...

[cookoo]

Geezus.

[tjthemanto]

Geezus.

Yup a million dollars no longer gets you a mansion in GTA or GVR , you get a run down 60 yr old crap hole thesedays for that price.

House prices have quadrupled in the last 20 yrs or so ..while salaries & jobs have barely kept up with regular inflation.

[MortgageQueen]

Rent in Toronto or Vancouver until the bubble bursts.
Elsewhere, avoid getting into above asking bidding wars.

[brunt]

Rent in Toronto or Vancouver until the bubble bursts.
Elsewhere, avoid getting into above asking bidding wars.

I have to agree here.

And while I am certain that there exist many honest realtors, there exist a number who are not.

While we were house hunting we had a couple of hard and fast rules - one of which was if we were told that there was another offer on a house, we would immediately walk away stating to call us if the offer fell through.

We had no desire to get caught up in a bidding war, and it is a favourite trick of realtors to bring out the "there's another offer on this house" card as soon as you show any interest in a house, when often such an offer does not exist.

It was funny once when we did this, the listing realtor almost had a stroke chasing after us immediately after we told him this right after he told us that the prospective buyers were literately in the bank making sure that they can be approved for the mortgage. Nobody would have had that degree of shock if such an offer was that close to being in the bag.

And don't listen to everyone saying that "paying rent is throwing away money". So it mortgage interest, property taxes, maintenance, and the thousands of other costs with owning. Right now, renting makes way more sense in a lot of cities.

If the average wage cannot buy the average house, then one or the other HAS to change. And I don't expect wages to be increasing.

[sweetie1706]

I concur. @tjthemanto The million dollar home is now the 2 million dollar home. (If not more)

[bobbyreyes]

@tjthemanto

Wow!! this infographics is good enough to understand the present financial situation. I agree on renting a home until we have enough to spend.

[jakeclawson]

Thanks for the link. Good info.

[harbie]

Sad thing is that renting ain't cheap either! You want to rent a condo that is 500-600ish sqft that will cost you $1000-1400 /month and that's in Langley which is 45 min - hour away from Vancouver. Scary!

[Zonny]

I do wonder how average people afford to buy a house now. We bought our Halifax semi in 2003, so not THAT long ago. We're not in a fancy neighbourhood, house is over 40 years old (like we are!). If we sold it now, based on what other similar homes are selling for up the street, we could probably get $100K more than what we paid for it. Of course we'd have to buy something else for the same price, so not worthwhile to sell (plus we have a sentimental attachment to this first house we bought, and brought our son home to). But how do people buy a pretty average house in an average neighbourhood, when it's over $200K? We were told we qualified for a mortgage for much more than that when we started looking, but no way that would have been manageable as far as mortgage payments are concerned.

[tjthemanto]

Sad thing is that renting ain't cheap either! You want to rent a condo that is 500-600ish sqft that will cost you $1000-1400 /month and that's in Langley which is 45 min - hour away from Vancouver. Scary!

Yup the guy who is renting his condo to a tenant is going to try and recover his expenses/mortgages at the bare minimum ..he won't go into a negative cash flow

[FLA]

Good read.

[Sunshyne1]

Average house price in Hamilton is $437,396???? Where the heck did that number come from??? lol

[tjthemanto]

Average house price in Hamilton is $437,396???? Where the heck did that number come from??? lol

People can't even afford to live in the western suburbs of Toronto like Mississauga, Brampton, Oakville etc anymore, so they are moving as far as Hamilton now and commute to Toronto either by driving or GO train..increasing house prices in Hamilton , Burlington etc.

Hamilton is almost becoming a part of GTA now, and is now more of GTHA .

I wouldn't be surprised if the price over there are now in 400,000's for most houses especially detached, semi-detached and even townhouses