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How much do you need to earn to buy a house in Winnipeg?

​Manitoba’s average housing price has grown over the last year, according to survey of home prices across Canada.
Manitoba’s average housing price has grown over the last year, according to survey of home prices across Canada. (Rentseeker.ca)
Manitoba's average housing price has grown over the last year, according to survey of home prices across Canada.

According to numbers compiled from RentSeeker.ca, in 2014, Manitoba's average house price was $263,159. In 2015, that rose to $264,739.

But Manitoba remains one of the most affordable places to purchase a home among major Canadian cities.

The rental website also released the necessary income Canadians need in each province and city to buy a home. In Winnipeg, the necessary income to buy a home was $43,813.

Vancouver, meanwhile, had a needed income of more than $120,000 and Toronto's was more than $87,000 per year.

Cities like Regina and Halifax had similar necessary incomes to Winnipeg, but both were still higher than the prairie city.

The affordability estimates were based on a down payment of 20 per cent, with a 2.5 per cent interest rate on five-year, fixed-rate mortgage over a 25-year amortization.

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