Monday, January 22, 2007

2 years of salary vs. 7.7 years of salary



Just a quick, cheap post to keep things going -

Regina most affordable place to buy a house: study

(CBC) - A study on the cost of buying a house in six English-speaking countries ranks Regina as the most affordable city in Canada.

In Regina, it takes the average person twice their annual salary to buy a home, according to a 2006 study recently released by the Winnipeg-based Frontier Centre for Public Policy.

The centre looked at how many years of family income it takes to buy a house in Canada, the United States, the United Kingdom, Australia, New Zealand and Ireland.

Winnipeg was tied with Quebec City for second among the 17 Canadian cities surveyed. In those cities, it takes an average of 2.5 years of salary to buy a home.

In Saskatoon, it would take 2.6 years, putting the city fourth on the Canadian list. Canada was the most affordable of the six countries. On average, citizens require only 3.2 years of annual income to purchase a home.

The study considers communities with a 3.0-year rating or smaller to be affordable.

The most affordable community of the six countries is Fort Wayne, Ind., while the least affordable area is Los Angeles and Orange County. In Canada, Vancouver, described as "severely unaffordable," came in last, taking 7.7 years of income, on average, to buy a house. link

13 comments:

bc_cele said...

This just demonstrates the fact that people not from BC are a bunch of fincial wussies. Three years income, please? How are you going to have any hardship stories for the grand kiddies if you can pay your mortgage off that quick.

Uncertain Buyer said...

I'm off to Regina.

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