Mortgage payments outpacing income growth in Canada: Zoocasa

Mortgage costs have grown faster than incomes over the past decade, according to a new report from Zoocasa.

The analysis released Thursday looked at average mortgage payments across 17 Canadian cities from 2013 to 2023 and compared the figures against average incomes. 

It highlighted that while home prices in Canada have risen over the past decade, interest rates remained consistent until recently, having risen to 15-year highs after reaching historic lows in 2021. 

“Both of these factors have contributed to an increase in monthly mortgage payments,” the report said. “With income growth struggling to keep pace, some homebuyers are taking a step back from the real estate market.”