Canadian Home Buyers Now Need to Earn $150k per Year to Buy a “Typical” Home

betterdwelling.com

20 points·paulpauper··10 comments

Old news - saved for just shy of 10 yrs starting in the mid 80s and it still took dual income for us to get into our first house.

Sounds like it was still possible for you. It's impossible now for most.

By myself, no. It took two incomes. My takeaway from the article and experience is that home ownership has required two incomes for at least the last 40 years.

What were your incomes at the time?

The top 1% of Canadian earners earn $200k. Mortgages here are typically 4x your salary, so even with a modest 5x mortgage one would still need a $400k downpayment to purchase the average detached home worth $1.4m, and average is not pretty. Imagine a rustic 1970s build where the walls depress deeper than our spirits. Something like East Van

this is only true because of demand

aka, as you allude to, 99% of canadians don’t have $400k to put down or $200k/yr for a monthly mortgage payment

but i’m guessing supply is gobbled up by people who do meet those criteria. buyers abroad? investment firms?

it’s a weird thought. “only 1% of canadians can afford an average house, yet prices are high because that’s what those who can afford them agree to pay”

Your "household" needs to earn 150kCAD, the title implies that an individual needs to earn that amount

So if you and your partner each contribute 50% as a household, then you both own 50% of a house, so the maths still checks out.

Live in Quebec or Winnipeg, per data in article.

Or get help from their parents

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