Income required to buy a home in Ottawa jumps $4,600 in one month
House for sale in Ottawa on Feb. 24, 2011. (THE CANADIAN PRESS IMAGES / Sean Kilpatrick)
The average income needed to buy a new home in Ottawa increased $4,600 from May to June as mortgage rate hikes took hold and the cost of a home increased in the capital.
A new report by Ratehub.ca, an online mortgage brokerage service, found that affordability conditions worsened across 10 major cities in Canada in June.
Ottawa homebuyers needed to earn an average salary of $134,650 to purchase a new home in Ottawa in June, up from $130,000 in May.
According to Ratehub.ca, the average price of a new home was $652,700 in June, up from $645,400 in May.
The survey looks at the income required to buy an average priced home with a mortgage rate of 5.72 per cent and a stress test rate of 7.72 per cent.
The income required in Vancouver increased $8,850 in June to $235,650, while the income required in Toronto jumped $7,200 to $229,800.
"Mortgage rates increased from May to June, so much so that affordability was down in all 10 cities, including the four cities where home prices were lower," James Laird, Co-CEO of Ratehub.ca said in a statement.
The average income required to purchase a new home in Canada ranges from $78,760 in Winnipeg to $235,650 in Vancouver.
Average income needed for a new home down year over year
While the average income for a new home increased in June, it is still down from a year ago.
In June 2022, homebuyers needed an income of $137,050 to meet the requirements to obtain a mortgage for the average priced home in Ottawa.
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