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Today: 17.01.2018 - 21:54:03
   Canada Mortgage Hub Discussion Board -> Mortgage Toronto -> How much do you need to make in Canada in order to buy a house?
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nighwing

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How much do you need to make in Canada in order to buy a house?
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Post # 1.

ozark79

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It depends on where you want to settle down.
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Post # 2.

nigal16

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Depends where you want to live. In the rural parts of Yukon, you can chop your own trees and build it yourself = FREE! In Vancouver or Toronto, you need around $75,000 pa.
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nilandfam

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Depends where you want to live. In very remote areas, like the far north, you could probably build your own home for free. In big cities it is fairly expensive. In smaller towns homes tend to be cheaper.
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playdirt

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What the others pointed out about downpayments & income.And also this:The Canada Mortgage and Housing Corporation.Link - _http://www.cmhc-schl.gc.ca/en/co/buho/CMHC is a Crown corporation, owned by the Government of Canada.Its job is helping Canadians buy houses using lower downpayments by insuring their mortgages.
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paichien

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A VERY general rule of thumb is that a mortgage should be no more than 3 times your salary.So, for a typical $500,000 house in a city, if you put 20% down (the norm) or $100,000,you would need a salary of about $130,000 a year to qualify for the mortgage.In Vancouver, or Toronto, the average house is more than that, so, you would need more - larger down payment, or, more salary.
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pa5ha

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Like any country the price of houses vary and depend on where you want to live. If you are wondering about affording a home somewhere then do the math. The max you should spend for a house is 35% of your income--so--Take your yearly income and times it by 35% and you have the maximum you can spend on a house no matter where you live
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projectseven

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Home prices vary massively in Canada based on the city, size, and location.Federal banking laws require banks to have mortgage insurance on mortgages unless you the owners put 20% down. As such, most banks in Canada will not issue mortgages unless you put 20% down unless the mortgage is secured via another property, business, or the house is intended to be sold in the short term. Most banks also set limits that mortgage payments may not be more than one third of your income although this may be stretched if you have a large salary, assets, or multiple incomes.A $300,000 home would require you to put $60,000 down and make monthly payments of around $1,600 per month. Most banks would require an income of around $60,000+. A $1M home in say Vancouver or Toronto would need $200,000 down and $5300 per month. Most banks would need to see an income of nearly $200,000 per year.
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