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Canada Is Apparently One Of The Most Affordable Places To Buy A Home In The World

Who would've thought? 🏠

It turns out that Canada is one of the most affordable places to buy a house in the entire world — yes, you read that right.

A new study from Roofing Megastore, a British building supplier, looked at how much homes cost on average in 109 countries along with how much homes cost in relation to salaries and Canada ranked as the 14th most affordable place for buying a home.

According to the report, the average price for a 1,000 square foot home in Canada is about $498,000 and the average yearly salary is just over $42,000 so the average salary equals 8.53% of the cost of a home which means it would take 11.7 years to save up and buy a home.

Canada fell behind Saudi Arabia, South Africa, the U.S., Puerto Rico, United Arab Emirates, Palestine, Oman, Iceland, Cyprus, Qatar, Ireland, Denmark and Belgium.

The U.S. ranked third with a yearly salary equalling 15.01% of the cost of a home which works out to only 6.7 years to buy a home.

You might not expect Canada to be one of the most affordable counties in the world to buy a home in because recent reports have shown that it's getting even more expensive to purchase a place to live.

The cost of a home in Canada is expected to soar past $750,000 by the end of 2021, Vancouver and Toronto were ranked as two of the top three least affordable cities in North America when it comes to housing and parents across the country spent $10 billion to help their kids buy a home this year!