8 elm condos.The income requirement of buying a house in 10 major cities in Canada has dropped! A recent report compared property data with income in Canada’s 10 largest cities and found that the income requirements for would-be home buyers are significantly lower than they were this summer.Please Visit: 8 elm condos to Get Your VVIP Registration Today!
Ratehub.ca, a mortgage brokerage website, reached the conclusion in a report by comparing property data from 10 major Canadian cities in October with the period from June to August this year.
“Housing across the country is now becoming more affordable,” Jon Jilani, a market strategist at the website, said in the report released on Nov. 16.
“with the central bank signalling that the worst interest rate increases are over,” the report said, “there is reason to be ‘cautiously optimistic’ about affordable housing in Canada.”
In the report, the website analyzed the annual income levels needed by potential local buyers based on the average house prices in the 10 cities, including changes in mortgage interest rates, stress test pass rates and property prices.
The website’s co-CEO James Laird said in a press release that June was the worst time for affordability, when mortgage rates rose and house prices did not fall significantly.
According to the data collected by the website, the average house price of Victoria fell the most in October, and the income required was also greatly reduced. Last month, the average house price in the Victoria area was $9155,300, the stress test pass rate was 7.44%, and the mortgage interest rate was 5.44%. Local buyers have to earn at least $178890 a year to afford a house with an average price of 20% down payment. The annual income requirement is $4810 lower than in August.
Vancouver is still the most expensive city in Canada. The annual income required to buy a local house with an average house price of $1148900 is $220700. It was followed by the city of Toronto, which needed $211650 in revenue.
As can be seen from the report, from August to October, the average house prices in Victora and Vancouver fell by $38500 and $31600, respectively. The average house price in Toronto is $26,400 lower than in August, when the income level for buyers was $213950. Income requirements for October have fallen by $2300 from those in the summer.
The report also points out that although Vancouver has the highest house prices in Canada, it has also seen the most significant decline in house prices in recent months.
