Income required to buy a home in Ottawa increases $1,900: report
The income required to buy a new home in Ottawa increased $1,900 in June, as home prices and mortgage rates jumped in the capital this summer.
A new report from Ratehub.ca shows homebuyers needed an income of $135,960 to buy an average-priced home last month, up from $134,020 in May. The average income required to buy a home in Ottawa was $134,300 in April.
According to the report, the average price for a home in Ottawa was $634,300 in May, up from $629,800 in April.
Ratehub.ca looks at the income required to buy a home with a 10 per cent down payment, a 25-year amortization, $4,000 in annual property taxes and a monthly heating bill of $150. The mortgage rate was 4.48 per cent and the stress test rate of 6.48 per cent.
The income required to buy a home increased in 12 of 13 markets surveyed by Ratehub.ca, with Ottawa having the third-highest increase in Canada.
Homebuyers in St. John's needed an average income of $88,910 to buy a home in June, up $2,460 in May. The average income required to buy a home in Fredericton increased $2,000 to $80,200 last month.
'Mortgage rates moved up this month and this was the primary factor that impacted affordability,' Penelope Graham, a mortgage expert at Ratehub.ca, said in a statement. 'Home price movement was fairly evenly split with seven cities seeing prices rise and six cities seeing prices drop.'
Toronto was the only city to see a drop in the income required to buy a new home as home prices dropped $17,700 in June. Ratehub.ca says homebuyers needed an income of $204,840 in June to buy an average-priced home, down $1,660 from May.
Homebuyers in Vancouver need an income of $238,820 to buy an average-priced home, while Victoria residents need an income of $185,100.
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