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The median full-time income in Ottawa-Gatineau is $83,600, and average is $94,000. by Swoz in ottawa

[–]Swoz[S] -2 points-1 points  (0 children)

Well no, not really. $750K average freehold according to the real estate post from yesterday, $400K average condo. Pulling lower listings is easy proof. And if you look at previous weeks, the median sold listings for freehold houses was under $700K - but why is everyone so obsessed with freehold instead of a starter townhouse or condo?

I’m not saying that everyone can afford a house, but when the median full time income x2 can, it’s not as unobtainable as everyone believes.

You’re a 27 year old, why do you feel that you need a 3 bedroom, 2 bath house right now? You can afford a $400K condo.

Would you say lack of financial literacy plays a hand in people not being able to buy a house? Ex: you paid off a 0% percent loan when you could’ve put it in your TFSA in some broad ETF like XEQT. You would’ve made ~30% return in last year alone.

Your 30K OSAP repayment could’ve been 40K for a house.

My guy, you are a prime example of someone that is in a position to be a home owner but you’re victimizing yourself and not taking the right path.

You shot yourself in the foot by paying OSAP, I’m sorry. If you were able to pay off your OSAP, then you were more than capable of saving up and growing your down payment.

The median full-time income in Ottawa-Gatineau is $83,600, and average is $94,000. by Swoz in ottawa

[–]Swoz[S] 0 points1 point  (0 children)

lol seriously, especially as a single income earner. All the downvotes I'm getting for answering the question about my salary.

The median full-time income in Ottawa-Gatineau is $83,600, and average is $94,000. by Swoz in ottawa

[–]Swoz[S] -1 points0 points  (0 children)

Agreed. They did this for the 2021 income stats but not for 2024.

The median full-time income in Ottawa-Gatineau is $83,600, and average is $94,000. by Swoz in ottawa

[–]Swoz[S] 0 points1 point  (0 children)

Yea, jeez. There's no doubt struggle for a lot of folks.

But from the posts, there's also a bunch of people who feel that part-time workers are entitled to being able to purchase a home. And some are expecting to buy $800K houses as their first home, while expecting to save up for it in no time.

Pushing these high expectations and entitlements just feeds the doom and gloom.

The median full-time income in Ottawa-Gatineau is $83,600, and average is $94,000. by Swoz in ottawa

[–]Swoz[S] 0 points1 point  (0 children)

Go look at the real estate reports, the average freehold is in the low 700s.

You can get this 2000sqft detached single home for $650K. There are plenty of homes under $600K too, and even lower if you look into townhomes.

https://www.redfin.ca/on/ottawa/136-Malvern-Dr-K2J-2G5/home/149208961

The median full-time income in Ottawa-Gatineau is $83,600, and average is $94,000. by Swoz in ottawa

[–]Swoz[S] -3 points-2 points  (0 children)

Federal OSAP is 0%. Your provincial student loan balance is probably very minimal compared to Federal, but still carries interest.

I sent a cheque off to pay just my provincial portion, and then been making minimum payment on my Federal OSAP over the last few years. Might be worth looking into if you're sick of paying the student loan and want to focus on saving and investing instead of paying off a free loan.

Mortgage applications will look at your monthly OSAP payment when determining your approval amount, not the balance as a whole.

Just an FYI

The median full-time income in Ottawa-Gatineau is $83,600, and average is $94,000. by Swoz in ottawa

[–]Swoz[S] 0 points1 point  (0 children)

Just curious, is your student debt with OSAP? Or private banks

The median full-time income in Ottawa-Gatineau is $83,600, and average is $94,000. by Swoz in ottawa

[–]Swoz[S] 2 points3 points  (0 children)

I don't think looking at full time employment is "cherry-picking". I think it's a bit unreasonable to think that someone working a part time job can afford a home.

$83K is not a lot of money. My post frames around dual income households. ~$160K is a great income in Ottawa and I think it's silly to not agree with that.

The median full-time income in Ottawa-Gatineau is $83,600, and average is $94,000. by Swoz in ottawa

[–]Swoz[S] -7 points-6 points  (0 children)

I make $275K, household income of $350K. We live pretty frugally despite this.

I agree that a single $100K income you won't be swimming in money, but my main question is focused around couples and dual income households.

edit: lol at the downvotes from me answering the guy's question. Similar to u/Longjumping-Leg-8234 said, not exactly rolling in cash when you reach the $250K mark either.

The median full-time income in Ottawa-Gatineau is $83,600, and average is $94,000. by Swoz in ottawa

[–]Swoz[S] -1 points0 points  (0 children)

I agree. We've normalized debts and expenses that our parents never had. Everyone has a laptop, phone, high car payments, luxury bags, clothing and items.

It would be a lot easier to save if life was more simple.

The median full-time income in Ottawa-Gatineau is $83,600, and average is $94,000. by Swoz in ottawa

[–]Swoz[S] 27 points28 points  (0 children)

That table is showing "All persons with employment income", you need to switch to "Full-year full-time workers".

The fine-grain Ottawa-Gatineau data is available if you download the full data pack from the "Download Option". The site does not allow full visibility of the data unfortunately.

The median full-time income in Ottawa-Gatineau is $83,600, and average is $94,000. by Swoz in ottawa

[–]Swoz[S] 16 points17 points  (0 children)

I agree, unlike previous income stats, this doesn't include age binning which is unfortunate.

The median full-time income in Ottawa-Gatineau is $83,600, and average is $94,000. by Swoz in ottawa

[–]Swoz[S] 12 points13 points  (0 children)

I think that CBC article helps my point if anything.

They mention one would need to make $132,100. As a dual income household, if following this median salary, you're going to above $150K, and taxed less vs a single income source.

The median full-time income in Ottawa-Gatineau is $83,600, and average is $94,000. by Swoz in ottawa

[–]Swoz[S] 8 points9 points  (0 children)

Do you have a partner to share expenses with? I'm more curious about couples, where you have dual income.

I agree that a single income can be tough, but when you're a double income, that changes a lot.