Start with income perspective. The average annual salary in 2022 was just under $60,000. Nationally, the average house price in summer 2023 was a bit over $750,000. These incomes and house prices are affected pretty strongly by the lower incomes and lower housing costs in rural Canada vs the major cities like Vancouver and Toronto
So… shift attention to the cities. In Toronto and Vancouver, the average house price is around $1,200,000 give or take a little. You need at a combined income of least $280,000 to qualify for a house like that (or have substantial equity built up in previous home purchases). Most people are earning at or close to the national average… with a few - especially those in STEM careers (sw devs for example) up over $100,000 per year.
I live in a suburb city (I own my house)… it’s inconveniently located if you want/need to be in the core city centre for work (I’m about 3 hours commute right now if I needed to go in to a downtown office… thankfully I don’t). Houses on my street are relatively new (most built in 2019 and 2020). The houses currently for sale are listing between $1,250,000 and $2,350,000.
Start with income perspective. The average annual salary in 2022 was just under $60,000. Nationally, the average house price in summer 2023 was a bit over $750,000. These incomes and house prices are affected pretty strongly by the lower incomes and lower housing costs in rural Canada vs the major cities like Vancouver and Toronto
So… shift attention to the cities. In Toronto and Vancouver, the average house price is around $1,200,000 give or take a little. You need at a combined income of least $280,000 to qualify for a house like that (or have substantial equity built up in previous home purchases). Most people are earning at or close to the national average… with a few - especially those in STEM careers (sw devs for example) up over $100,000 per year.
I live in a suburb city (I own my house)… it’s inconveniently located if you want/need to be in the core city centre for work (I’m about 3 hours commute right now if I needed to go in to a downtown office… thankfully I don’t). Houses on my street are relatively new (most built in 2019 and 2020). The houses currently for sale are listing between $1,250,000 and $2,350,000.
Renting can be really awful in Canada too… you get stunts like this https://toronto.ctvnews.ca/this-is-egregious-sisters-shocked-when-toronto-landlord-raises-rent-to-9-500-a-month-1.6548845 simply because they can…
tl;dr Housing in Canada is bonkers