By Eul Basa – www.narcity.com
They say it’s hard to buy a home in Canada. But just how hard is it really?
According to the Canadian Real Estate Association (CREA), the average price for homes sold this past December increased to an amount just shy of half a million – $496,500 to be exact. Such represents a 5.7% jump from the year prior… So yeah, it’s pretty hard.
In Toronto, the real estate situation is a whole different story. According to Rent Seeker, the average home price in Toronto is a staggering $630,858. When you do the math, aspiring homeowners would require a yearly salary of $126,530 in order to be able to afford a property at that price… Which begs the question – why not consider buying a home somewhere else?
Rent Seeker released a map that showed the average home prices in major cities across Canada, as well as the salary one would need to be able to keep up with such prices. When you look at each of the provinces, you’ll find that there are some cities where the average home prices are actually less than half of the average home price in Toronto.
The worst part is, the infographic actually takes data from 2015-2016, so in reality the housing situation across the country is probably much worse right now. Despite this, data is still insightful, so let’s entertain it for a second:
In Quebec, the average price of homes in Saguenay ($173,506), Quebec City ($255,698), Trois-Rivieres ($160,064), Sherbrooke ($220,870) and Gatineau ($219,623) were all well below half of Toronto’s average home price (which is $315.43). The same goes for a number of other Canadian cities:
Saskatchewan: Regina ($303,355)
Manitoba: Winnipeg ($266,837)
Ontario: Sudbury ($237,637), Thunder Bay ($196,803), St. Catharines ($274,483), London ($243,662), Windsor ($186,612)
New Brunswick: Fredericton ($156,000)
Nova Scotia: Halifax ($280,035)
Prince Edward Island: Charlottetown ($162,928)
Newfoundland and Labrador: Province-wide ($282,350)
The only two provinces that did not have any cities with average home prices less than that of Toronto’s were British Columbia and Alberta, but that’s a story for a different time. The main point is, if all else fails and you’re unable to buy a home in Toronto, there are plenty of other options in the country to consider, and some are even closer to the city than you think.