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Old Posted Aug 7, 2020, 4:34 PM
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Join Date: Nov 2001
Location: Vancouver
Posts: 25,325
Quote:
Originally Posted by atbw View Post
Just wondering what a middle-class salary is. I agree with everything else, but right now the peninsula seems solidly $300K + except for condos. On 2 middle class salaries, more likely.
An income near the middle of the distribution. The median household income in Halifax was $69,522 in 2015. Here in Vancouver it was $72,662 (source).

The median house price was about $331,000 in April 2020 in Halifax and it was $870,000 in Toronto and $1,036,000 in Vancouver (source).

Mortgage rates are very low now. A $330,000 mortgage works out to around $1,5000 a month in payments. This is affordable for a typical household in Halifax which these days has an income of around $75,000. It is true that some people unfortunately can't afford a $300,000 place but the situation is much worse in many Canadian cities, and I believe Halifax has more options near the bottom of the scale that some of those other places too.
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