Table: Housing costs

By Rob Carrick,  The Globe and Mail, Jun. 28 2014,

Can you afford a home in these cities?

St. John's Halifax Montreal Toronto Winnipeg Saskatoon Calgary Vancouver
Most recent average price ($) 337,822 290,587 335,937 585,204 287,026 338,195 465,579 814,418
5% downpayment ($) 16,892 14,530 16,797 29,261 14,352 16,910 23,279 40,721
Monthly mortgage payment ($)* 1,565 1,346 1,556 2,711 1,330 1,567 2,157 3,773
Monthly property tax and heating costs ($)** 453 453 453 453 453 453 453 453
Total monthly housing costs ($) 2,018 1,799 2,009 3,164 1,783 2,020 2,610 4,226
Minimum annual gross household income needed ($)*** 75,675 67,425 75,338 118,650 66,863 75,750 97,875 158,475
Estimated median family income from employment ($)**** 82,222 73,977 65,296 69,934 72,088 82,509 91,826 66,527
Notes: *mortgage payment based on a 5-year fixed-rate mortgage at 2.99 per cent, with mortgage default insurance premiums included; **property taxes estimated at $4,000 annually and $333 monthly and heating at $1,440 annually and $120 monthly; ***mortgage payments plus the monthly share of property taxes and heating should account for no more than 32 per cent of gross household income; ****2011 Statistics Canada data has been updated by applying three years' worth of 2-per-cent increases

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