While average home prices dropped by over $178,000 since last January, required annual income needed to crack into the market has gone up.
A for sale is sign is displayed in front of a house in the Riverdale area of Toronto on September 29, 2021. THE CANADIAN PRESS/Evan Buhler
“Home prices are down, but affordability is worse than 12 months ago,” James Laird, Co-CEO of Ratehub.ca and President of CanWise mortgage lender said in a release. Even though average home prices plummeted by over $178,000 since last January, those looking to buy property in Toronto need to make at least $207,000 a year to crack into the market – a $7,620 rise in required annual income., causing strain on prospective homebuyers in qualifying for a mortgage given how high borrowing and stress test rates are, the report notes.
As a result, the minimum income required to buy a home in the city – based on a 20 per cent down payment for a mortgage with a 25-year amortization period – decreased by $4,350, with prospective homebuyers needing to make at least $159,100 per year in 2023., real estate market analysts are unsure of how everything will play out in the coming months, given how unaffordable housing is.
المملكة العربية السعودية أحدث الأخبار, المملكة العربية السعودية عناوين
Similar News:يمكنك أيضًا قراءة قصص إخبارية مشابهة لهذه التي قمنا بجمعها من مصادر إخبارية أخرى.
'We're not crazy': Listen to a flight report unusual lights near Yellowknife in JanuaryAir traffic controllers and an approaching flight couldn't identify 'two white lights … moving in a circular pattern' that were reported over Yellowknife late at night on Jan. 29, 2023.
اقرأ أكثر »
GTA school bus cancellations for Friday January 17A number of school bus routes around the GTA have been cancelled due to freezing rain this morning. Here’s a list of routes that are cancelled.
اقرأ أكثر »
CSE reports strong listings growth in January – Canadian InvestorCSE reports strong listings growth in January CanadiansInvest
اقرأ أكثر »
High gas prices may have curbed downward inflation trend in January: economists - BNN BloombergCanada's annual inflation rate has been slowing since the summer, but economists are predicting that higher fuel prices in January may have hindered that trend.
اقرأ أكثر »
High gas prices may have curbed downward inflation trend in January: economistsCanada's annual inflation rate has been slowing since the summer, but economists are predicting that higher fuel prices in January may have hindered that trend.
اقرأ أكثر »
High gas prices may have curbed downward inflation trend in January: economistsCanada’s annual inflation rate has been slowing since the summer, but economists are predicting that higher fuel prices in January may have hindered that trend.
اقرأ أكثر »