Homebuyers now have to earn between $5,750 and $25,500 in extra income annually to buy a home in at least nine out of 10 major Canadian cities.
While home prices and sales have gone down across Canada, buying a new home is still unattainable for many hopeful buyers, for a number of reasons.
This comes amid reports of deep year-over-year declines in home prices, while large increases to both fixed and variable mortgage rates have outweighed any price relief buyers may have otherwise enjoyed. The data revealed the city that has seen affordability erode the most is Victoria, where homebuyers need to earn an extra income of $25,500 yearly, even though home prices during the studied period have gone down by $11,800 in the city.
The City of Toronto followed close behind, with a necessary income of $207,000 required , with homes costing an average of $1,078,900, which is down $178,600 from a year ago.
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