You need an income of over $220K to buy a home in Toronto, Vancouver, new data shows

You'll need to be making more than $220,000 to buy a home in Toronto and Vancouver with a 20 per cent down payment, according to new data from Ratehub.ca.

Even though home prices have been going down in hot markets like Toronto and Vancouver, the income required to purchase a home in these markets still remains elevated due to higher stress test rates caused by rising mortgage rates.

Ratehub.ca says it used March 2022 and June 2022 real estate data to make the calculations.

Homebuyers in Toronto need to earn $15,750 or seven per cent more compared with March, with those in Vancouver needing to make $31,730 or 16 per cent more.