5 Best Cities To Live In Where Houses Are Under $400K
20 Oct - Fed up with high house prices in Toronto or Vancouver? Thinking of packing up and moving elsewhere? We hear ya. With the average price of a single-family home in both these cities well above $1 million, plenty of people in Canada's priciest cities are looking for alternatives. Under the federal government's new mortgage rules, the average-earning household in Canada — with a total income of $80,000 — can get a mortgage of around $380,000 today (assuming a 25-year mortgage at three per cent). That, plus the down payment, is what an average household in Canada can afford. So we combined the Bank of Montreal's labour market report card with data on house prices from the Canadian Real Estate Association to come up with a ranking of the best cities to set up shop, where an average home costs less than $400,000. Here's what we found. 5. Halifax BMO labour market ranking: 12 Average household income: $84,560 Average mortgage payment: $1,038 People outside the Maritimes rarely…