New data is revealing how much money Toronto residents need to make in order to afford to purchase a home in the city.
According to the new data, released by Ratehub.ca, those looking to buy in Toronto will need to make more than $220,000 to buy a home in the city with a 20 per cent down payment.
“In every city, homebuyers require a lot more income to purchase the average home due to higher stress test rates caused by increasing mortgage rates,” co-CEO James Laird said in a statement.Ratehub.ca said it used March 2022 and June 2022 real estate data to make the calculations. Stress rates have increased from 5.25 per cent in March to 7.21 per cent in June. The hike follows a mortgage rate hike of 3.14 per cent in March to 5.21 per cent in June.
Rapidly rising interest rates have pushed Canadian home prices down in recent months, including in Toronto, with the average price of a home falling 1.9 per cent in June compared to May, according to the Canadian Real Estate Association.
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