After a long period of relentless home price increases, affordability is starting to improve in a number of Canada’s most expensive cities. According to the National Bank of Canada’s third quarter Housing Affordability Monitor, the housing affordability composite index has backpedaled to historical averages thanks to a rise in incomes and lower mortgage rates. Still, how much you can afford and how long you’ll be saving for your downpayment varies dramatically from city to city.
Whether you’re moving to a new city or just curious to see how much further your Toronto-earned dollars go just down the highway in Hamilton, we broke down how much you’ll need to earn to afford an average home in Canada’s biggest cities.
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