According to statistics released by The Canadian Real Estate Association, a Canadian home on average will cost over $500,000. Many of you may be aware, Toronto and Vancouver are the most expensive cities in Canada to live in, not only because of living expenses but real estate as well.
Properties have sky rocketed high and families across Canada have a median family income that does not match the income required in order to own a house.
Which Canadian city do you live in? Can you afford an average house across the country? Here's a list of 10 major cities in Canada, that include data from Statistics Canada, Workopolis and Verico in order for you to have the answer to these questions:
1. Toronto
Average cost of home: $755,755.
Income required: $128,746
Median family income: $72,830
2. Montreal
Average cost of home: $349,218
Income required: $78,473
Median family income: $75,010
3. Vancouver
Average cost of home: $1,007,687
Income required: $152,206
Median family income: $76,040
4. Edmonton
Average cost of a home: $384,504
Income required: $72,812
Median family income: $101,470
5. Calgary
Average cost of a home: $469,325
Income required: $107,123
Median family income: $85,366
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6. Saskatoon
Average cost of a home: $346,879
Income required: $71,006
Median family income: $93,400
7. Ottawa
Average cost of a home: $374,431
Income required: $74,216
Median family income: $102,020
8. Halifax
Average cost of a home: $292,511
Income required: $56,929
Median family income: $60,010
9. St.John's
Average cost of a home: $304,115
Income required: $54,717
Median family income: $94,060
10. Winnipeg
Average cost of a home: $282,684
Income required: $58,191
Median family income: $79,850
Sources: Verico, Workopolis, Statistics Canada