A homebuyer would need less income now to qualify for an average-priced home in a major Canadian city when compared to how much it was costing in the summer, according to new data from mortgage brokerage Ratehub.ca.
The brokerage analyzed 10 cities across Canada using October 2022 real estate data and compared data from June and August.
Homes across the country "are becoming more affordable," said in a report released on Nov. 16, 2022.
鈥淲ith the Bank of Canada signalling that the worst of the rate hikes may be behind us鈥, the report noted, there was a reason to be 鈥渃autiously optimistic鈥 about home affordability in Canada.
Ratehub.ca looks at the minimum annual income required to buy an average-priced home in Canada鈥檚 10 major cities. The analysis keeps into account the changes in mortgage rates, stress test rates, and real estate prices.
RateHub.ca Co-CEO James Laird on Wednesday that it is likely that June 2022 was the low point for affordability since mortgage rates were up and home prices had not yet softened significantly.
The data collected from Ratehub.ca showed that Victoria had the highest drop in income and average-priced homes in October. The average price of a home in Victoria last month was $915,300, with a stress test rate of 7.44 per cent and a mortgage rate of 5.44 per cent.
Homebuyers would need to earn an annual income of at least $178,890 a year in October to qualify for a mortgage for an average-priced home, with a 20 per cent down payment.
Vancouver remained the most expensive city in Canada to buy an average-price home. One would need an income of $220,700 in order to be able to afford an average home worth $1,148,900. Toronto follows a close second, with a required income of $211,650.
The report noted that despite Vancouver being the most expensive city in Canada for buying a house, it is also where the prices have 鈥渄eclined the most substantially over the last few months.鈥
"As affordability continues to improve, we will likely see homebuyers resume their search in the new year. We will have to see if sellers are interested in listing their homes at values that are significantly lower than their peak,鈥 Laird said.
For some young people, a popular method for getting a quick high is by misusing laughing gas 鈥 and lately, that鈥檚 in the form of nitrous oxide from products sold by the company Galaxy Gas.
The more Chelsea Walsh talked to the eccentric fellow American who seemed to pop up in every square and cobblestone street of Ukraine's capital, the more she got creeped out.
The London Police Service (LPS) is currently investigating a suspicious death in the east end.
Three men were injured after trying to subdue a man armed with a knife during afternoon prayers at a Montreal-area mosque Friday afternoon.
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A $2.14-billion federal loan for an Ottawa-based satellite operator has Canadian politicians arguing about whether American billionaire Elon Musk poses a national security risk.
U.S. Vice-President Kamala Harris on Saturday accepted an invitation from CNN to debate former U.S. president Donald Trump on Oct. 23.
The end of the day 鈥 when school, extracurricular activities and homework are (hopefully) finally done 鈥 is the window that many kids have for downtime. It can be a struggle to convince them not to go on their phones.
A man is facing numerous drug trafficking charges after Dufferin OPP seized a large assortment of drugs and weapons in Orangeville earlier this week.
The London Police Service (LPS) is currently investigating a suspicious death in the east end.
The 75-year-old building, formerly the Waskesiu Chamber of Commerce building, was relocated to the Parks Canada compound on the edge of the townsite.
Mattea Roach among the Maritimers honoured with the King Charles III Coronation Medal Friday.
Montrealers can get used to taking a stroll on several car-free streets during the summer in the years to come thanks to a new commitment from the city.
An Ontario woman is among the dozens of people who have come forward to allege that they were sexually abused by London-based businessman Mohamed Al Fayed, the former chairman and owner of Harrods.
Sheba, a 50-year-old seal at the Cornish Seal Sanctuary in southwest England, has far surpassed the average lifespan for seals and could be the oldest in captivity in the world.
The more Chelsea Walsh talked to the eccentric fellow American who seemed to pop up in every square and cobblestone street of Ukraine's capital, the more she got creeped out.
An Israeli airstrike on a Beirut apartment block killed a senior Hezbollah leader and about a dozen other members of the militant group, Israel's military said Saturday as Lebanon raised the attack's death toll to 37, including women and children.
A New Zealand pilot held hostage for more than a year in the restive Papua region of Indonesia was freed Saturday by separatist rebels.
An Israeli strike on a school in northern Gaza on Saturday killed at least 22 people, according to the Gaza Health Ministry, while the Israeli army said it targeted a Hamas command centre in what used to be a school.
A $2.14-billion federal loan for an Ottawa-based satellite operator has Canadian politicians arguing about whether American billionaire Elon Musk poses a national security risk.
Foreign Affairs Minister Melanie Joly says close to 45,000 Canadians are in Lebanon, months after warning there is no guarantee Ottawa can evacuate them if the situation deteriorates further.
The federal firearm buyback program has cost taxpayers nearly $67.2 million since it was announced in 2020, but it still hasn't collected a single gun.
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Looking after an adult with severe autism can be a full-time job. Ask any parent who has a child severely affected by autism spectrum disorder 鈥 it鈥檚 a job that can get more difficult as the child becomes an adult.
Canada is setting aside $151 million for the fight to eradicate polio worldwide. International Development Minister Ahmed Hussen announced the news at a Rotary International conference in Toronto.
If something looks too good to be true, it might be. That's the message from Saskatchewan horticulturists after customers have come into their stores hoping to buy purple apple trees this month.
The owner of the shuttered Three Mile Island nuclear power plant said Friday that it plans to restart the reactor under a 20-year agreement that calls for tech giant Microsoft to buy the power to supply its data centers with carbon-free energy.
Lebanese authorities on Thursday banned walkie-talkies and pagers from being taken on flights from Beirut airport, the National News Agency reported, after thousands of such devices exploded during a deadly attack on Hezbollah this week.
Kathryn Crosby, who appeared in such movies as 'The 7th Voyage of Sinbad', 'Anatomy of a Murder,' and 'Operation Mad Ball' before marrying famed singer and Oscar-winning actor Bing Crosby, has died. She was 90.fff
'Saturday Night Live' will have a slew of famous faces to help kick off its historic 50th season when the show returns later this month.
The death of the Tragically Hip鈥檚 lead singer Gord Downie united fans across Canada in their grief, but in many ways pulled his bandmates apart.
It is not a great time to be a coffee drinker. In general, coffee bean prices are the highest they've been in more than a decade.
Experts say rising team valuations and the desire to forge a legacy are likely at the heart of what motivated Rogers Communications Inc. executive chair Edward Rogers to bolster the company's portfolio of Toronto professional sports teams.
Boeing said on Friday the head of the company's troubled defence, space and security unit is leaving the planemaker effective immediately.
Tattoos are becoming more common in today's society and, as a result, appear to be more acceptable in the workplace than they used to be.
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Andre De Grasse, fresh off of winning Olympic gold in the 4x100-metre rally in Paris 2024, has been in Toronto for the latest few weeks as part of the Toronto International Film Festival.
Heading into Friday鈥檚 game against the Calgary Stampeders, quarterback Trevor Harris said he and his Saskatchewan Roughriders were "ready to rock."
General Motors (GM) has issued a recall for 38,000 vehicles for safety risks related to a software glitch, Transport Canada reported in a notice on Wednesday.
Chechen leader Ramzan Kadyrov has accused Tesla CEO Elon Musk of 'remotely disabling' his Cybertruck, which had been sent to the frontline of Russia's war in Ukraine.
An Ontario man says it is 'unfair' to pay a $1,500 insurance surcharge because his four-year-old SUV is at a higher risk of being stolen.
Cole Haas is more than just an avid fan of the F.W. Johnson Wildcats football team. He's a fixture on the sidelines, a source of encouragement, and a beloved member of the team.
Getting a photograph of a rainbow? Common. Getting a photo of a lightning strike? Rare. Getting a photo of both at the same time? Extremely rare, but it happened to a Manitoba photographer this week.
An anonymous business owner paid off the mortgage for a New Brunswick not-for-profit.
They say a dog is a man鈥檚 best friend. In the case of Darren Cropper, from Bonfield, Ont., his three-year-old Siberian husky and golden retriever mix named Bear literally saved his life.
A growing group of brides and wedding photographers from across the province say they have been taken for tens of thousands of dollars by a Barrie, Ont. wedding photographer.
Paleontologists from the Royal B.C. Museum have uncovered "a trove of extraordinary fossils" high in the mountains of northern B.C., the museum announced Thursday.
The search for a missing ancient 28-year-old chocolate donkey ended with a tragic discovery Wednesday.
The Royal Canadian Mounted Police is celebrating an important milestone in the organization's history: 50 years since the first women joined the force.
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A man who was found dead behind a curling rink in Nanaimo, B.C., earlier this month was the victim of a homicide, police confirmed.
No one was injured when a large fire destroyed a home in a rural part of Surrey overnight.
York Regional Police say they are looking for a homicide suspect after a wellness check led police to a body at a home in Richmond Hill early Saturday.
Toronto police say they have now identified a third person who they believe was involved in a shooting that left two men dead in North York earlier this week.
A man is fighting for his life in hospital a day after a vehicle smashed into several others in and around an intersection in Milton before flipping over.
The man charged with fatally stabbing lifelong Banff resident Ethan Enns-Goneau in 2022 has been convicted of second-degree murder.
A robust crew of volunteers are raising funds and awareness for first responders and veterans Saturday at Calgary police headquarters in northeast Calgary.
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A joint police operation to promote safe driving on Highway 417 in the Ottawa area has resulted in laying dozens of charges in three hours Friday, according to the Ontario Provincial Police (OPP).
Whether it was a big truck, or a small one, the construction trucks rolling past the Children鈥檚 Hospital of Eastern Ontario (CHEO) on Saturday had a very important job, and it's putting smiles on the faces of little ones.
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Three men were injured after trying to subdue a man armed with a knife during afternoon prayers at a Montreal-area mosque Friday afternoon.
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Tattoos are becoming more common in today's society and, as a result, appear to be more acceptable in the workplace than they used to be.
Former Edmonton Oiler Zack Kassian has rejoined the team as a pro scout, the Oilers announced on Saturday.
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The Lower Sackville area in Nova Scotia has access to a new section of trail, according to a news release from the government of Canada on Saturday.
Kings District RCMP in Prince Edward Island is investigating a fatal, single-vehicle crash that occurred on 48 Road in Head of Cardigan on Friday.
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The last two months after losing her daughter Bella have been extremely difficult for Kyla Thomson.
Regina police arrested three youths in connection to a bear mace incident at a Regina high school on Friday.
Heading into Friday's game against the Calgary Stampeders, quarterback Trevor Harris said he and his Saskatchewan Roughriders were "ready to rock."
Protests were held in front of Kitchener City Hall on Friday, both for and against LGBTQ2S+ inclusive education and queer rights in schools.
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Heading into Friday's game against the Calgary Stampeders, quarterback Trevor Harris said he and his Saskatchewan Roughriders were "ready to rock."
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The St. Thomas police is asking the public for help locating a missing man.
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One person is in hospital after an e-bike crash in Orillia on Thursday.
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The Amherstburg Freedom Museum is celebrating of a year of festivities in anticipation of its 50th anniversary in 2025.
The St. Clair College golf teams were successful at the Niagara Knights Invitational tournament on Friday.
A LaSalle high school is celebrating its emerald anniversary this weekend, with everyone who has ever walked its halls invited to return.
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The British Columbia election campaign is set to officially start today, with Lt.-Gov. Janet Austin issuing the writ for the Oct. 19 vote.
A pair of runaway pigs are in the custody of an animal sanctuary in the Okanagan after evading police and volunteers for hours earlier this week.
The Red Bridge, a historic landmark in Kamloops, B.C., was completely destroyed by fire early Thursday morning.
Animal protection officers in British Columbia have rescued three pit bulls 鈥 including one that gave birth to 10 puppies 鈥 from a rat-infested home in Kelowna.
Despite the heavy rain, plenty of muscle turned up for United Way鈥檚 annual Pull the Bus fundraiser in Lethbridge Friday.
Lethbridge County has rescinded its fire restriction as a result of the recent cool, wet weathr.
The Lethbridge Hurricanes kicked off the 2024-25 season on a winning note Friday night, defeating the Edmonton Oil Kings 3-1 in a game played at VisitLethbridge.com Arena.
Following an outbreak of COVID-19 on its continuing care floor and just ahead of the flu season, St. Joseph鈥檚 General Hospital in Elliot Lake has opted to re-introduce a universal masking policy until further notice.
A 26-year-old driver from Surrey, B.C., has been charged with three counts of criminal negligence causing death and bodily harm in a crash that killed two youths in northern Ontario last year.
Ontario Provincial Police say three suspects from southern Ontario have been charged and drugs worth $300,000 have been seized following a traffic stop Sept. 16.
Newfoundland and Labrador's chief medical officer is monitoring the rise of whooping cough infections across the province as cases of the highly contagious disease continue to grow across Canada.
A 16-year-old biennial event aimed at fostering business in the country's eastern Arctic and northern regions has been cancelled indefinitely as a dispute unfolds between Inuit in Canada and a Labrador group claiming to share their heritage.
Jim Lester鈥檚 farm hopped on the cow-cuddling trend in early August, and his time slots have been pretty well sold out ever since.
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