We just read an interesting article just published on Workopolis:
How much you need to earn to buy a house in every major Canadian city?
Click here to read full article
Using the same criteria outlined in the Workopolis analysis the figures for our local market are as follows: (The Welland and Pelham 12-Month Average prices are effective November 30th, 2014)
Welland
Average price: $197,217
Monthly mortgage payment: $859.22
Property tax: $262.87
Income Required $45,828.22
Pelham
Average price: $372,481
Monthly mortgage payment:
Property tax: 407.56
Income Required $79,847.22
Here's how our local area compares to the figures reported for the Canadian cities featured in the Workopolis report.
Vancouver
Average price: $819,336
Monthly mortgage payment: $3,570
Property tax: $251
Income required: $147,023
Calgary
Average price: $465,047
Mortgage mortgage payment: $2,026
Property taxes: $236
Income required: $88,578
Edmonton
Average price: $365,520
Mortgage payment: $1,592
Property tax: $244
Salary required: $72,617
Regina
Average price: $331,161
Monthly mortgage payment: $1,443
Property tax: $378
Income required: $72,028
Saskatoon
Average price: $349,322
Monthly mortgage payment: $1,522
Property tax: $366
Income required: $74,546
Winnipeg
Average price: $270,605
Monthly mortgage payment: $1,179
Property tax: $274
Income required: $58,235
Ottawa
Average price: $357,887
Monthly mortgage payment: $1,559
Property tax: $336
Income required: $74,820.28
Toronto
Average price: $587,505
Monthly mortgage payment: $2,560
Property tax: $354
Income required: $113,009
Montreal
Average price: $344,273
Monthly mortgage payment: $1,500
Property tax: $237
Income required: $68,884
Halifax
Average price: $264,447
Monthly mortgage payment: $1,152
Property tax: $266
Income required: $56,929
