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.
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.
“Home prices will need to drop significantly in order to neutralize the effects that higher mortgage rates have on the stress test. Unless this happens, home affordability will continue to be impacted significantly by the current rising rate environment,” he said.Article content
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