Homeownership Affordability Declines in Canadian Cities: Ratehub.ca Analysis
Discover the latest findings from Ratehub.ca on the rising minimum income needed to buy a home in major Canadian markets.
A recent analysis conducted by Ratehub.ca revealed that the minimum income required to own a home has increased in 12 out of 13 major markets across Canada from January to February. The report, released on Wednesday, calculated the annual income levels needed to purchase a house in various Canadian cities based on real estate data. Despite slight reductions in mortgage rates, home prices have continued to rise, leading to a decrease in affordability in 11 of the 13 cities analyzed.
Toronto experienced the most significant increase in the income required to buy a home, with a $3,800 jump from January to February, reaching $214,100. On the other hand, Victoria and St. John’s were the only markets that saw a decrease in the income needed to purchase a home. In St. John’s, the required income dropped by $1,000 to $74,750, while in Victoria, it decreased by $1,060 to $169,300.
The housing market in Canada is experiencing a trend of rising home prices and increasing income requirements, making it more challenging for potential buyers to enter the market. As mortgage rates fluctuate and real estate values continue to climb, affordability remains a key concern for many Canadians looking to purchase a home.
Homeownership Affordability Declines in Canadian Cities: Ratehub.ca Analysis
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