ICYMI: How much income you need to afford a home in Canada right now — via financialpost realestate income canada housingmarket
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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%.Advertisement 3Ratehub.ca Ratehub.ca checked back this month to see if anything had changed, and found that home affordability had improved in all 10 cities in data between June and August.
Toronto had the biggest bump towards affordability, with the income needed to afford a home falling $12,550 from June to August 2022.Article contentHome prices in Toronto fell $80,300 between June and August, says Ratehub.ca. In March when the average mortgage rate was 3.14 per cent and the stress test rate 5.25 per cent, the income required to buy a home was $210,750. By July, when the average mortgage rate had risen to 5.21 per cent and the stress rate to 7.
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