Everyone would love to own a million-dollar house. In Canada, that’s the average cost of an apartment in Toronto and Vancouver. But, if you’re planning to have one, you’ll need to be earning far above the average income. So, what jobs can get you a million-dollar home?
Anyone who wants to own a million-dollar home in Canada will have to be earning at least $155,000/year. Only a few careers can guarantee this salary annually, and that includes medicine, investment banking, corporate law, software engineering, sports, entertainment, and management and consulting.
Nevertheless, there are many diverse career fields and opportunities these days that can allow a person to make this much legitimately in Canada. Here, we discuss the jobs that can get you a million-dollar home in Canada.
How Much Do You Need to Earn to Afford a Million-Dollar Home?
A million-dollar is a lot of money, even with inflation. Sure, it might not be enough to set up your life or start a mega business anymore. But with the most common income in Canada still being less than $70,000, it’ll take over a decade to earn a million. So, if you’re planning to buy a million-dollar house, it’s important first to know how much you should be earning monthly to afford it.
There are varying figures, but you’ll need to be earning well over $150,000 annually for you to afford such a home. According to Lowest Rates, you need to be earning at least $155,500 for you to buy a house worth a million in Canada. You’ll also need to have a downpayment of $200,000 since homes from $1 million and above require a 20% deposit for a mortgage.
Highest Paying Careers in Canada
If you’re going to get a million-dollar home in Canada, you should be part of the top earners in the country, earning from $150,000 and above in the country. Given that the average salary for the country is less than half of that, you’ll need to be in certain professions to make that much money. Jobs, where you can earn enough to afford a million-dollar home in Canada, include:
The medical field is one of the most profitable career paths in Canada. This is especially true for physicians and surgeons with specialties. The average salary of physicians is $205,000 annually as gross salary. Even after taxes, the salary is still sufficiently high to cover a million-dollar home. Surgeons with specialties earn more than physicians, with their average annual salary over $400,000.
Of course, studying medicine requires a commitment of several years, and even after you’re done, the profession itself is very tasking and hazardous. This likely explains why the salary is equally high to compensate for the stress. However, you won’t immediately start earning high when you get the job. It might take between a few to several years before you start earning very high, but the starting salary isn’t that bad. Also, your field of specialty goes a long way in determining how much you earn.
2. Investment Banking
When you’re starting as an investment banker, the salary is usually around $100,000 and might even be less, depending on where you’re starting. But the higher you climb the corporate ladder, the more money you earn. The average salary in this career is $150,000. By the time you become a partner or managing director, you could be earning a million or even more. At management positions, the commissions and bonuses surpass the basic salary on most occasions. It’ll take more than a few years to reach the top of the corporate ladder.
3. Software engineering
Are you interested in technology and want to earn big in Canada? Software engineering and related fields are some of your best bets. Whether programming, software architecture, app development, computer engineering, etc., these professions can guarantee you over $150,000 salary per annum after a few years. Canada is already emerging as a big tech hub, and you can earn big in this profession without even staying in Toronto or Vancouver. With lots of tech startups and established tech companies in the country, finding a job as a software engineer in Canada is quite easy for experienced engineers.
One of the benefits of this career path is that you can work remotely and still earn a huge amount. There are several provinces where you’ll get a starting salary of around $100,000. But the average starting salary is usually around $90,000. So with a few years of experience and commitment, you should be earning enough to afford a million-dollar home.
Lawyers are one of the highest-paid in Canada, but that applies mostly to corporate lawyers. Public interest lawyers earn well but not as substantial as those in the corporate field. The average salary in Canada is $99,000, but it’s possible to earn more with years of experience. If you should rise to become a partner in a law firm, the salary can be up to half a million. Like all high-paying professions, being a lawyer is tasking as they are one of the most sleep-deprived professionals in Canada.
5. Professional Athletes
Winning trophies, brand sponsorships, image rights, etc., and more are ways that professional athletes make their money. But becoming a successful sports star isn’t easy. You’ll have to start from a young age, and it takes years of dedication, training, luck, and making the right moves to be successful. But this is one profession where you can make it big quickly and at a very young age. Many sports stars in their early 20s are worth millions already.
6. Entertainer and Creatives
Whether you’re into music, acting, comedy, YouTube content, and more, being an entertainer can make you a millionaire. But that’s something that doesn’t come easy or simple. There are thousands of entertainers who never break out, but one big break can make you a millionaire if you capitalize on it. Of course, talent is crucial, and so is perseverance. The same goes for authors who can earn a significant amount from publishing if they get a big break. With an entertainment career, you need to become a star to earn big.
7. Management and Consulting
Management and consulting roles can also make you a millionaire. Of course, this will mean years of experience and climbing significantly up the corporate ladder before you can start making the big bucks. But once you’re there, you are good to go. The great thing about these roles is that you can achieve them in any industry. You need to become an expert and have years of experience and accomplishments.
There’s no specific pathway to becoming a millionaire in Canada. But these careers offer some of the best options. With most fields, rising to the top of the career gives you the chance to earn enough to afford a million-dollar home. However, it’s possible to earn the needed income without following these career paths.