Are Richest Canadians Get Way Better Deals On Housing Than The Rest Of Us?

the average household had an income of $75,000 in 2012. 

Canadian Business released its latest ranking of Canada’s wealthiest neighbourhoods this week, complete with average income and average house prices.

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We decided to take advantage of this data to compare how house prices stack up to incomes among Canada’s wealthiest. And it looks like Canada’s richest people spend far less of their income on their palaces and McMansions than the rest of us do on our homes.

First, let’s look at the average Canadian household. According to StatsCan, the average household had an income of $75,000 in 2012. Assuming 2-per-cent wage growth over the past two years, that puts the average household income at $78,000 this year.

READ FULL STORY:  Courtesy of Huffingtonpost.ca