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CTV News
5 days ago
- Business
- CTV News
Income required to buy a home in Ottawa increases $1,900: report
A new home is displayed for sale, in Ottawa on Tuesday, July 14, 2020. THE CANADIAN PRESS/Sean Kilpatrick 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 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. 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 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 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. 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.
Globe and Mail
03-07-2025
- Business
- Globe and Mail
The best fixed and variable mortgage rates this week
The trade war between the U.S. and Canada is one of the biggest factors weighing on the mortgage market, and the past week has shown there is still plenty of uncertainty around its resolution. The two countries had set a July 21 deadline to reach an agreement that would end the trade war. But last week, U.S. President Donald Trump walked away from negotiations, saying that Canada's digital services tax was unfair. Talks resumed after the Canadian government scrapped the tax. Ottawa's ambassador to the U.S. and lead negotiator Kirsten Hillman says she still believes a deal can be reached that will eliminate U.S. tariffs on Canadian goods. So how does this all affect mortgage rates? Many economists believe a prolonged trade war could force the Bank of Canada to further lower interest rates to prop up a faltering economy. On the other hand, a deal could mean the central bank will instead focus on some concerning inflation numbers and hold rates instead. As negotiations continue over the next few weeks, we'll get a better sense of where rates could go based on whether a trade deal is reached. Mortgage rates are sourced by For a comprehensive list of today's mortgage rates for each term/type, visit is a mortgage-rate comparison marketplace and mortgage brokerage. It helps millions of Canadians compare and obtain the best mortgage rates, credit cards, insurance, deposits and loan products. Rates shown are the lowest available for each term/type and category (insured versus uninsured) as of market close on July 3.
CTV News
25-06-2025
- Business
- CTV News
Here's how much you need to earn to afford a home in these 13 Canadian cities
Affordability declined in most major housing markets in May, according to latest affordability report, with eight of 13 major cities becoming less affordable. However, four became more affordable, with a couple by large margins. Here's how much money you need to make to live in 13 major cities across Canada. Published:
Yahoo
24-06-2025
- Business
- Yahoo
Posthaste: Here's 5 Canadian cities where you can make less and still buy a home
Housing affordability has improved in many places across the country, but the small window that opened recently appears to be rapidly closing, says a new survey. Affordability started to erode in May in eight of the 13 major metropolitan markets because home prices rose and borrowing rates stayed the same, according to an online mortgage aggregator, thereby putting upward pressure on the amount of income needed to become a homeowner. The Canadian Real Estate Association (CREA) said sales in May rose 3.6 per cent month over month as homebuyers emerged from their protective shell. It was the first month-over-month increase in sales since November. Prices also rose month over month 1.9 per cent, CREA said. Prior to that, elevated interest rates made homebuying similar to the pandemic years. More recently, rising global economic uncertainty unleashed by United States President Donald Trump forced many Canadian homebuyers to park their real estate aspirations, leading to falling prices and sales across the country. The top three price increases were recorded in St. John's, N.L., where prices jumped $8,900 in May from April to an average price of $378,300; Halifax, where prices rose $7,600 to $570,600; and Regina, where they were up $5,400 to $340,800. In St. John's, the income required to qualify for a mortgage climbed $1,690 to $86,450 per year. These calculations are based on a mortgage with a 10 per cent down payment, 25-year amortization, mortgage rate of 4.38 per cent and stress test rate of 6.38 per cent. In Montreal and Toronto, prices rose $5,200 and $3,400, respectively, to $580,100 and a bit more than $1 million. The required income to qualify for a mortgage increased by $980 and $650, respectively, to $124,620 and $206,500. Winnipeg, Edmonton and Fredericton had the smallest price gains. However, five other cities recorded falling prices and improved affordability. The largest price drop was recorded in Hamilton, about an hour east of Toronto, where prices fell $18,300 to an average price of $783,100. It had the biggest improvement in affordability for the second consecutive month. In Vancouver, one of Canada's most expensive housing markets, prices fell $7,500 to almost $1.2 million. Prices in Victoria and Ottawa fell $4,600 and $1,400, respectively, to $892,700 and $629,800. In Calgary, prices were flat at $583,000. In Hamilton, Ratehub said monthly mortgage payments in May dropped by $93 and that the amount of income required to qualify for a mortgage was $163,020, down $3,480. A majority of homebuyers have indicated they are willing to adjust where they would live to gain some affordability if prices continue to rise in their desired location. For example, 52 per cent of potential homebuyers surveyed by Zoocasa said they were open to living in a secondary city such as London, Ont., or Fredericton, but would have to do more research to make sure life there is more affordable. The survey also said people hold an increasingly dim view of housing affordability in Canada, with 67 per cent indicating they believe housing in this country is somewhat to much less affordable compared with other countries. The survey of 1,000 Zoocasa blog readers and newsletter subscribers was conducted between Jan. 30 and April 28. It has a margin of error of two per cent. to get Posthaste delivered straight to your world is getting wealthier, with the ranks of those with US$1 million or more continuing to expand, according to a recent report from Swiss financial services firm UBS Group AG. In Canada, median wealth per adult ballooned by nearly 10 per cent in local currency in 2024, the report stated. Real estate appreciation and a robust stock market last year are among the factors contributing to this, said Josh Sheluk, portfolio manager at Verecan Capital Management. 'I think as long as you're having growth of economies globally, you're going to see spillover effects to Canada and, quite frankly, to most regions of the world,' Sheluk said. 'I think we're well positioned here in Canada to benefit.' — Serah Louis, Financial Post Read more here. Toronto Tech Week continues Today's Data: Statistics Canada reports May inflation. U.S. Philadelphia Fed non-manufacturing activity, current account balance Earnings: BlackBerry Ltd., Salesforce Inc., The Campbell's Company, Dollar Tree Inc., Foot Locker Inc., American Eagle Outfitters Inc., Dollar General Corp., Tilly's Inc., Victoria's Secret & Co. David Rosenberg: How did the Canadian market hit a new record? Gold exposure has helped Soaring costs are forcing some Canadians to limit vet visits or even give up their pets M&A in Canadian oil and gas accelerating: 'We see a lot of consolidation' says Keyera CEO The average Canadian family will save $280 on their taxes next year from the Liberal government's planned income tax cut, the parliamentary budget officer said in an analysis. Find out more here. Are you worried about having enough for retirement? Do you need to adjust your portfolio? Are you starting out or making a change and wondering how to build wealth? Are you trying to make ends meet? Drop us a line at wealth@ with your contact info and the gist of your problem and we'll find some experts to help you out while writing a Family Finance story about it (we'll keep your name out of it, of course). Want to learn more about mortgages? Mortgage strategist Robert McLister's Financial Post column can help navigate the complex sector, from the latest trends to financing opportunities you won't want to miss. Plus check his mortgage rate page for Canada's lowest national mortgage rates, updated daily. Visit the Financial Post's YouTube channel for interviews with Canada's leading experts in business, economics, housing, the energy sector and more. Today's Posthaste was written by Gigi Suhanic with additional reporting from Financial Post staff, The Canadian Press and Bloomberg. Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? Email us at posthaste@ Posthaste: Canadians would pay yearly $20 Canada Post subsidy to support cross-country service, poll finds Posthaste: Canadian renters are waiting for home prices to drop before buying — they could be disappointed Sign in to access your portfolio
Globe and Mail
13-06-2025
- Business
- Globe and Mail
The week's best variable and fixed mortgage rates
The last couple weeks have been a bit deflating for anyone hoping for decreasing mortgage rates. Market expectations of Bank of Canada rate cuts have been waning, the central bank chose to hold rates last month and increasing bond yields mean slightly higher fixed rates could be on their way. Here's a bit of good news for any first-time homebuyers who are looking at new builds: A proposed rebate on GST for new home purchases could lower your mortgage costs. The Parliamentary Budget Officer – which provides independent financial analyses of federal government policy proposals – said the Liberals' plan to rebate some or all GST charges for first-time homebuyers purchasing new construction homes below $1.5 million will save an average of roughly $27,000 for eligible buyers. The impact will be limited, as the PBO thinks less than 5 per cent of all new construction sales will be from people who qualify for the program over the next six years. But if you are a first-time homebuyer in the market for a new build, you could save a maximum of $50,000 on a $1-million home as a result of the policy, which has only begun working its way through Parliament. A study by Desjardins found that the maximum rebate could save you roughly $240 in mortgage payments per month. Mortgage rates are sourced by For a comprehensive list of today's mortgage rates for each term/type, visit is a mortgage-rate comparison marketplace and mortgage brokerage. It helps millions of Canadians compare and obtain the best mortgage rates, credit cards, insurance, deposits and loan products. Rates shown are the lowest available for each term/type and category (insured versus uninsured) as of market close on June 12.
