Are you dreaming of owning a house or condo in Quebec City in 2024? Well, before you start browsing real estate listings, it’s essential to know how much you should be earning to afford a home in this beautiful city. According to a recent report by Narcity Quebec, the average salary you need to make to purchase a property in Quebec City might surprise you.
First and foremost, let’s talk about the housing market in Quebec City. The real estate market in the city has been steadily growing over the past few years, with prices for both houses and condos on the rise. This means that buying a property in Quebec City is becoming increasingly challenging, especially for first-time homebuyers.
So, how much do you need to earn to buy a house or condo in Quebec City in 2024? According to the report, you should be making around $70,000 per year to afford a home in the city. This figure takes into account the average price of homes in Quebec City, as well as other factors such as mortgage rates and down payments.
When it comes to buying a house or condo, it’s not just about the purchase price. You also need to consider additional costs such as property taxes, maintenance fees, and utilities. These expenses can add up quickly, so it’s essential to factor them into your budget when determining how much you can afford to spend on a property.
If you’re not currently making $70,000 a year, don’t worry. There are ways to increase your earning potential and save money for a down payment. Consider taking on a side hustle, asking for a raise at work, or cutting back on expenses to reach your goal of homeownership in Quebec City.
In conclusion, buying a house or condo in Quebec City in 2024 is a significant financial commitment. By understanding how much you need to earn to afford a property in the city, you can better prepare yourself for the homebuying process. So, start saving, budgeting, and working towards your goal of owning a piece of real estate in beautiful Quebec City.