As home prices stabilize, the income required to own climbs

Average home selling prices showed a mix bag of results in July, but the salary needed to own a home keeps climbing.

A new report from Ratehub.ca Tuesday, shows the amount of income needed to own a home climbed in every major city across Canada for the month of July compared to June, despite most home average prices either declining or staying relatively flat.

The report shows the average price to own a home declined in Toronto, Ottawa, Edmonton and Winnipeg, but the salary needed to buy a home in these areas climbed by at least $2,000.

Most notably, Toronto’s average selling price dropped by $10,100, but the salary needed to buy climbed by reached $235,250, a climb of $5,450.