AFFORDABILITY OF HOUSE PURCHASE FOR FIRST TIME HOME BUYERS IN CANADA
information for uottawa mba students looking to purchase their first home in canada
average price of housing in major canadian cities
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$1250000
Vancouver: Average increase of 25% recorded over the past 5 years
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$1,075,000
Toronto; Average increase of 55% recorded over the past 5 years
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$609,000
Calgary: Average increase of 55% recorded over the past 5 years
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$614,000
Montreal: Average increase of 62% recorded over the past 5 years
$674,000
Average price increase of 60% recorded over the past 5 years
Current Percentage of Salary Used to Pay Total Monthly Home Ownership Costs
0
%
ASSUMPTIONS:
- $674,000 MORTGAGE after down payment
- $80,000 MEDIAN SALARY for MBA graduates
- $4,969 MONTHLY SALARY after tax
- $1,100 ANCILLARY costs
AFFORDABILITY (HOme ownership COSTS VS. SALARY)
No Data Found
3.95%
2019
6.45%
2023
7.04%
2024
average prime interest rate (2019-2024)
gOVERNMENT OF CANADA HOUSING POLICIES FOR FIRST TIME HOME-BUYERS (2019-2024)
First-Time Home Buyer Incentive: Offered 5% – 10% of the home’s purchase price for a down payment
Home Buyers’ Plan: Withdrawal limit from Registered Retirement Savings Plans (RRSPs) increased from $25,000 to $35,000
Tax-Free First Home Savings Account: Save up to $8,000 per annum or $40,000 lifetime limit tax-free
Extended amortization period: 30-year amortizations permitted including for insured mortgages
Home Buyers’ Plan:Withdrawal limit from RRSPs increased from $35,000 to $60,000
No Data Found