Spoiler — it\u0027s less than two months ago
The rate hikes raise the hurdle of the country’s mortgage stress test, which requires borrowers to qualify for the benchmark rate of 5.25 per cent or their offer rate plus 2 per cent, meaning that some will now be facing a qualifying rate above 7%.So while home prices come down, borrowing costs go up — if you can even get on that ladder.Article contentcalculated the minimum annual income needed to afford a home in Canada’s major cities based on March and June data.
“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,” said James Laird, Co-CEO of Ratehub.ca and president of Canwise mortgage lender. Homebuyers may find this small comfort in markets where property values measured by the MLS home price index still remain above year-ago levels almost everywhere in the country. RBC economist Robert Hogue saidthat only Kitchener-Waterloo prices have actually declined at this point, down 1.7 per cent. In places like Atlantic Canada prices remain significantly higher, he said.
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