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)