Affordability issues pushing 32% of Ontario homeowners to plan a move this year, survey says
All across Canada, the average income needed to buy a home has risen by an average of $18,000 from March to June, Ratehub said.bring income requirements up an additional $35,760 in Victoria, and $31,730 in Vancouver. But even in Ontario, where prices have fallen from March to June, higher incomes are still needed to qualify for a mortgage.
For example, in Toronto, you now need to make $15,750 more to buy a house priced at the average $1.2 million. Ottawa isn’t much better, with $15,350 more in annual income needed to purchase a $695,600 home. Hamilton, Ont., homebuyers need an extra $8,660 to qualify for a mortgage on a $934,700 house.Article content“Generally, for every one per cent that the stress test increases, a household qualifies for about 10 per cent less mortgage,” James Laird, co-chief executive of Ratehub.
In Ontario, prices are indeed sliding at a fast clip. But they are still quite high compared to many other cities in other provinces. For example, while the average price of a home in Toronto was over $1.2 million in June, a house is considerably cheaper in Halifax, at only $544,900, according to data from the. Cities in Alberta fare even better, with the average home in Calgary costing $530,500 in June and $409,300 in Edmonton.
That doesn’t mean Ontarians are planning a mass exodus out of the province, however. According to LowestRates.ca’s survey, 46 per cent plan to stay put in their current town when they make a move this year. Another 32 per cent said they are thinking of moving to another location within Ontario. Only 6.8 per cent said they’ll ditch Ontario for another province.Article content
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