You need an income of more than $220K to buy a house in Toronto, Vancouver, new data shows

According to new data from Ratehub.ca, you need to make more than $220,000 to buy a home in Toronto and Vancouver with a 20 percent down payment.

According to new data from Ratehub.ca, you need to make more than $220,000 to buy a home in Toronto and Vancouver with a 20 percent down payment.

While house prices have fallen in cities like Toronto, Vancouver, Winnipeg, Ottawa and Hamilton, the income needed to buy a home in these markets still remains higher due to stress test rates and rising mortgage rates.

Ratehub.ca says it used real estate data from March 2022 and June 2022 to make the calculations.

Home buyers in Toronto should earn $15,750 or seven percent more compared to March, while those in Vancouver should earn $31,730 or 16 percent more.

In all Canadian cities, the annual income needed to buy a home has increased by an average of $18,000 over the past four months.

Victoria, BC saw the largest increase in June compared to March, with $35,760 or 23 percent of additional income required.

This report from The Canadian Press was first published on July 21, 2022.

The Canadian Press

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