A jump in borrowing rates was partially offset by a significant decline in home prices, according to the rate comparison site From m_zadikian
Ratehub says housing affordability improved over the summer as the impact of higher mortgage rates was partly offset by a meaningful decline in home prices. REUTERS/Carlos Osorio
"Homes in every city we looked at are slightly easier to afford than they were two months ago. This is because rates have remained unchanged, while home prices have softened," James Laird, co-chief executive officer of Ratehub.ca and president of mortgage lender CanWise, said in a release on Friday. In Vancouver, the yearly income required to buy a home was $223,850, down $8,100 in August compared to June.
CREA reported that nationwide home sales fell one per cent in August from July, marking the sixth straight monthly decline.
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