Here's how much you need to earn to buy a home in Ottawa
House for sale in Ottawa on Feb. 24, 2011. (THE CANADIAN PRESS IMAGES / Sean Kilpatrick)
The amount of money Ottawa residents needed to earn to buy a new home dropped $4,670 in May compared to a year ago, as the average cost for a new home dropped more than $60,000.
A new report by Ratehub.ca, an online mortgage brokerage service, shows homebuyers needed an average income of $130,000 to purchase a new home in Ottawa last month, down from $134,670 in May 2022.
The income required to purchase a new home decreased despite a rise in the mortgage rate to 5.39 per cent and an increase in the stress test rate to 7.39 per cent in May.
The survey shows the average cost of a home in Ottawa dropped from $709,100 in May 2022 to $645,400 in May 2023.
"With home prices lower in most cities, it’s not surprising that affordability has improved in May 2023 vs. May 2022," James Laird, co-CEO of Ratehub.ca said in a statement.
Ratehub.ca says the report shows how changing mortgage rates, stress test rates and real estate prices are impacting the income needed to buy a home.
Ottawa had the third-highest decline in income required to buy a home out of 10 markets across Canada. The average income required to buy a home dropped $9,520 in Hamilton and $7,160 in Victoria.
The income homeowners required to purchase a new home increased $3,400 in Halifax and $7,400 in Calgary.
The average income required to buy a new home in Canada ranges from $77,080 in Winnipeg to $226,800 in Vancouver.
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