Marla Janzen is an award winning SASKATOON REAL Estate expert she takes action to sell her client's homes and find them the perfect new place to live while negotiating the best terms and price possible. She loves what she does and takes great pride in providing excellence in customer service to all of her clients.
She is one of our wonderful TRUSTED SASKATOON REAL ESTATE EXPERTS listed on the SASKATOON DIRECTORY and loves to provide Trusted Tips that help the public!
Marla Janzen from century 21 Fusion is the realtor for BC Based home builders Westbow Construction's Radius at The Legends condo project in Warman SK, and she invited the Trusted team up for a tour around the show condos and to meet the owner of Westbow Construction Dick Westeringh. We figured we would take along our video camera so you could see for yourself why living in Warman should be a consideration for anyone thinking about moving!
Here Marla shares a tip on buying a house in every major Canadian city:
How much you need to earn to buy a house in every major city
Many say property is the best investment you can make. Bursting housing bubbles and mortgage scandals aside, they’re usually right.
The price of making that investment varies widely in Canada, depending on where you live. We looked at how much you need to earn to buy an average-priced house in every major Canadian city.
To get these numbers, we consulted Adrian Williams, a Toronto mortgage broker, and used his calculator found here. He explained that to calculate the income required you need to know the purchase price, down payment, rate, utilities – mortgage qualifying must include a minimum of $100 a month for heating costs – and taxes.
We got the average purchase price per city from the Canadian Real Estate Association (they fluctuate. These prices were effective at the end of December. To see the absolute latest click here and input your city), and Williams provided the property tax rates. At his suggestion we used a 2.99% interest rate, which is the average qualifying rate for a 5-year fixed term. We used a down payment of 10% of the purchase price and calculated $100 a month for utilities.
According to Williams, “Other factors that will be included with mortgage qualification are the total monthly payment obligations from credit card, LOC’s, personal & car loans, car lease and other types of credit that require a monthly payment.”
Here is what you need to earn to buy a house in every major Canadian market. (Numbers are rounded to the nearest dollar.)
Vancouver
Average price: $819,336
Monthly mortgage payment: $3,570
Property tax: $251
Income required: $147,023
Jobs in Vancouver
Calgary
Average price: $465,047
Mortgage mortgage payment: $2,026
Property taxes: $236
Income required: $88,578
Jobs in Calgary
Edmonton
Average price: $365,520
Mortgage payment: $1,592
Property tax: $244
Salary required: $72,617
Jobs in Edmonton
Regina
Average price: $331,161
Monthly mortgage payment: $1,443
Property tax: $378
Income required: $72,028
Jobs in Regina
Saskatoon
Average price: $349,322
Monthly mortgage payment: $1,522
Property tax: $366
Income required: $74,546
Jobs in Saskatoon
Winnipeg
Average price: $270,605
Monthly mortgage payment: $1,179
Property tax: $274
Income required: $58,235
Jobs in Winnipeg
Ottawa
Average price: $357,887
Monthly mortgage payment: $1,559
Property tax: $336
Income required: $74,820.28
Jobs in Ottawa
Toronto
Average price: $587,505
Monthly mortgage payment: $2,560
Property tax: $354
Income required: $113,009
Jobs in Toronto
Montreal
Average price: $344,273
Monthly mortgage payment: $1,500
Property tax: $237
Income required: $68,884
Jobs in Montreal
Halifax
Average price: $264,447
Monthly mortgage payment: $1,152
Property tax: $266
Income required: $56,929
Jobs in Halifax
Find Marla Online at http://www.century21.ca/marla.janzen she is a Century 21 Fusion Realtor Sakatoon based at 703 Circle Drive, Saskatoon..or checkout her listing in REAL ESTATE SASKATOON here on www.trustedsaskatoon.com, Marla Janzen is TRUSTED SASKATOON REAL ESTATE EXPERT.
