Canada is apparently one of the most affordable places in the world to buy a home
Turns out, Canada is one of the most affordable places in the world to buy a home – yes, you read that right.
A new study from Roofing Megastore, a UK building supplier, looked at the average cost of houses in 109 countries, as well as the cost of houses in relation to wages. Canada was ranked 14th most affordable place to buy a home.
According to the report, the average price for a 1,000 square foot home in Canada is around $ 498,000 and the average annual salary is just over $ 42,000, so the average salary equates to 8.53 % of the cost of a home, which means it would take 11.7 years to save. go up and buy a house.
Canada fell behind Saudi Arabia, South Africa, the United States, Puerto Rico, the United Arab Emirates, Palestine, Oman, Iceland, Cyprus, Qatar, Ireland, Denmark and Belgium.
The United States was third with an annual salary equal to 15.01% of the cost of a house, which is only 6.7 years to buy a house.
You might not expect Canada to be one of the most affordable countries in the world to buy a home, as recent reports have shown that it is getting even more expensive to buy a home.
The cost of a house in Canada is expected to exceed $ 750,000 by the end of 2021, Vancouver and Toronto have been ranked among the three least affordable cities in North America for housing and parents across the country spent $ 10 billion to help their kids buy a home this year!