The income needed to buy an average home fell in September in 12 of Canada's 13 largest housing markets, according to a report by the comparison site Ratehub covered by the National Post.
Halifax saw the biggest improvement, with the required annual income dropping by $4,160 to $119,040, followed by Ottawa and Victoria. Vancouver remained the least affordable city, where buyers needed to earn about $221,750, ahead of Toronto at $191,320. Regina was the most affordable, at $81,000. Fredericton was the only market where affordability worsened, though only by a negligible amount.
Ratehub said lower home prices drove the change, but warned the small declines would make little practical difference to most buyers. Fixed mortgage rates edged up during the month, and the firm said bigger relief would need both prices and rates to fall.
Source: National Post
