Here’s the question is $100,000 enough these days for a single person to live comfortably in Canada only around 10% of Canadians make that much money or more but the reality is in some parts of the country that no longer goes very far and it’s all because of housing in Vancouver
And Toronto but also places like Naga you need to make around 120 150,000 just to be able to buy the average price condo and that’s with 20% down but it’s not just about home ownership in these markets $100,000 is barely enough to rent a one-bedroom apartment if you were
To sign a lease today the average rent for a one-bedroom would eat up more than 40% of your take-home pay on that salary that said $100,000 is still plenty in places with lower housing costs like Edmonton Montreal or Halifax but the thing is it’s not just where you live
It’s also when you bought your house or signed your lease housing prices soared in a lot of Canada in the early stages of the pandemic and now High mortgage rates are another obstacle for buyers rents on the other hand dropped early in the pandemic but then skyrocketed when
Life went back to normal so with good incomes Canadians who bought or signed their lease before these massive price increases are still doing okay but for those who weren’t so lucky sadly it looks like 120 150,000 is the new 100,000
$100,000 doesn’t go that far anymore in some parts of Canada. Personal finance reporter Erica Alini explains why.
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