Income needed to afford buying a home in different cities in Canada 2022
Prospective home buyers in Vancouver, British Columbia, and Toronto, Ontario, needed an annual income of over 200,000 Canadian dollars in 2022 in order to qualify for the average priced home. In Vancouver, this figure was approximately 220,700 Canadian dollars. British Columbia and Ontario, are Canada's most expensive provinces for housing. According to a January 2023 forecast by the Canadian Real Estate Association (CREA), the housing market is expected to cool down in the next two years, which is likely to improve home affordability.
