First-Time Homebuyers: Should You Buy Now?
Here’s a breakdown of the information from the text, answering the questions you might have:
1. How much has the average Canadian home price increased between January 2005 and January 2025?
The average Canadian home price increased from about $243,000 in January 2005 too $710,000 in January 2025.
2. What income would you need to afford a $600,000 home (with a 20% down payment)?
According to mortgage broker Marshall Tully, you would need to earn roughly $100,000 a year to qualify for a mortgage on a $600,000 home with a 20% down payment. This is based on the “golden rule” of qualifying for roughly four times your income.
3. What other costs, besides the mortgage, should first-time homebuyers consider?
first-time homebuyers need to consider:
Property taxes
Home insurance
* Maintenance fees (especially for condos)