How much of an income increase is needed to afford a home?
BNN Bloomberg
As home prices have declined across Canada on a year-over-year basis, a new analysis from Ratehub.ca found that homes are less affordable amid higher interest rates.
In a release Monday, Ratehub.ca said that affordability deteriorated in nine out of 10 cities in Canada, with buyers needing an income increase between $5,650-$21,360 in order to purchase a home.
“While home prices are down significantly in the majority of the cities we looked at, the income required to purchase a home still remains inflated due to higher mortgage and stress test rates,” James Laird, the co-chief executive officer of Ratehub.ca and president of CanWise Mortgage Lender, said in the release.
The release said conditions around affordability are likely to get worse given current market trends.
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