According to the Canadian Real Estate Association (the CREA), the average price in Canada is currently $480,743, an amount that changes from region to region.
To calculate an estimated gross income required, you need the purchase price, down payment, interest rate, estimated property taxes, and a minimum of $100 a month for heating costs. Other utilities are not factored in by lending banks,we used a 2.49% interest rate (based on a 120-day rate hold. This is the average qualifying rate for a 5-year fixed term), and a down payment of 10% of the purchase price.
Other factors that are included with mortgage qualification are the total monthly payment obligations from credit cards, LOC’s, personal and car loans, car leases, and other types of credit that require a monthly payment.
The CREA’s prices below take into account all residential properties, including detached, semi-detached, townhouse/row houses, apartment units, cottages, duplexes, and triplexes. Median salary information comes from Statistics Canada’s 2014 Metropolitan Area Census, the most recent look at salaries across the country. Numbers are rounded to the nearest dollar, and all property tax figures should be considered rough estimates.
To calculate an estimated gross income required, you need the purchase price, down payment, interest rate, estimated property taxes, and a minimum of $100 a month for heating costs. Other utilities are not factored in by lending banks,we used a 2.49% interest rate (based on a 120-day rate hold. This is the average qualifying rate for a 5-year fixed term), and a down payment of 10% of the purchase price.
Other factors that are included with mortgage qualification are the total monthly payment obligations from credit cards, LOC’s, personal and car loans, car leases, and other types of credit that require a monthly payment.
The CREA’s prices below take into account all residential properties, including detached, semi-detached, townhouse/row houses, apartment units, cottages, duplexes, and triplexes. Median salary information comes from Statistics Canada’s 2014 Metropolitan Area Census, the most recent look at salaries across the country. Numbers are rounded to the nearest dollar, and all property tax figures should be considered rough estimates.
Toronto
- Average price: $709,825
- Monthly mortgage payment: $2,927
- Monthly property tax: $406
- Income required: $128,746
- Median family income: $75,270
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