NEW: Annual income of $127,900 required to buy a home in Ottawa, report says ottnews
The required income to buy a new home in Ottawa dropped another $2,080 this fall as house prices continue to fall.
A new report from RateHub.ca shows that homebuyers needed to earn at least $127,900 a year in October to meet the requirements to obtain a mortgage for an average priced home in the capital, with a 20 per cent down payment."While house prices have gone down noticeably, mortgage rates and the stress test are only slightly up from where they were just a few months ago," RateHub.ca said in a statement.
"It is likely that June 2022 will prove to be the low point for affordability, since mortgage rates were up while home prices had not yet softened significantly."
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