Ever wondered how much income is required to buy a home? ??

?? Spring & Summer are?ideal seasons for moving. And for those who are getting prequalified for a mortgage, or thinking of transitioning from renting to purchasing, it can be helpful to understand the minimum annual income to purchase a home ??

Ratehub produced a great chart highlighting?the average cost of a home in major Canadian cities and what the minimum annual income would be to purchase that home ???

Toronto comes in as the second most expensive city in Canada with the average home price requiring a minimum annual income of about $217,000. On the other end of the spectrum, Winnipeg is the most affordable major city with an average annual income of $75,650 allowing those to get into the housing market and carry the cost of the property

Keep in mind that co-owning a house with two or more individuals can help obtain the mortgage pre-approval?needed to get into the market.?

Questions about purchasing a home or expanding your real estate portfolio? Give our team a call at 647-836-2895 ??