The annual income required to buy an average home in Toronto has dipped below $200,000, the latest data shows.
Thanks to decreasing mortgage rates and real estate prices, homes in most major cities across Canada became a bit more affordable last month, .
The calculation accounts for average home prices in each city, as well as the requirements to qualifying for a mortgage at a bank.
Income requirements dropped in most markets, dipping by as much as $5,000 per year in Vancouver.
The exceptions were in Montreal and St. John's, where average home prices rose almost $10,000 month-over-month.
Ratehub says affordability was helped by three recent rate cuts from the Bank of Canada 鈥 and that recent inflation data "has greatly increased the chance of a 'jumbo' half-point cut to come from the central bank on October 23."
Variable mortgage rates are directly affected by a change to the Bank of Canada's interest rate, and fixed-rate mortgages "take their cues from fluctuations in the bond market, which tends to react favourably to central bank rate cuts," the post says.
A lower mortgage rate means the is easier to pass. The test uses a mortgage rate two percentage points above the rate a buyer is getting from a lender (or 5.25 per cent, whichever is higher) to gauge whether the buyer can financially handle a jump in mortgage payments.
The test factors in home price, annual salary and other debts and expenses to come up with a ratio that is essentially total monthly debts compared to total monthly income.
The Financial Consumer Agency of Canada's can be used to calculate the "gross debt service" and "total debt service" based on property value, down payment, mortgage rates and debts.
Note: The tool above uses recommended ratios (32 per cent for gross debt service and 40 per cent for total debt service) as a guideline. Ratehub's calculations used the Canada Mortgage and Housing Corporation's highest allowable ratios (39 per cent and 44 per cent, respectively).
麻豆影视 is projecting the New Brunswick Liberals will form a majority government in the province, returning to power for the first time since 2018. Leader Susan Holt will become the first female premier of the province.
The University Health Network is making masks mandatory as respiratory illness season ramps up.
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Two men charged in the killing of former Air India bombing suspect Ripudaman Singh Malik have pleaded guilty to second-degree murder in a British Columbia court.
As Prime Minister Justin Trudeau faces growing pressure to step aside, former B.C. premier Christy Clark says she is open to 'returning to politics' should the position of Liberal leader become available.
Mounties on Vancouver Island say one person is dead and another is presumed to have drowned after two vehicles were found submerged in a river following heavy rains that washed out roadways across British Columbia.
Daily life in Cuba has been largely affected since an outage led to a nationwide blackout in the country, followed by Tropical Storm Oscar hitting the country's east coast. If you're a Canadian stuck in Cuba through this ordeal, 麻豆影视 wants to hear from you.
Gurpatwant Singh Pannun 鈥 a dual Canada-United States citizen and the target of an alleged assassination attempt in New York City last year 鈥 says the expelled Indian High Commissioner to Canada, Sanjay Kumar Verma, is 'less of a diplomat, and more of a hypocrite.'
Law enforcement officials found five people killed in a shooting inside a home southeast of Seattle on Monday morning and took a teenager into custody, police said.
Vancouver firefighters are responding to what they describe as a multi-unit, multi-floor blaze at a high-rise in the city's West End Monday afternoon.
Mounties on Vancouver Island say one person is dead and another is presumed to have drowned after two vehicles were found submerged in a river following heavy rains that washed out roadways across British Columbia.
A school in Victoria, B.C., went into lockdown Monday before police tasered and arrested a man in the library, according to authorities.
The family of a man who died following a fight during a break-in at his Mississauga home earlier this month is appealing to anyone with information to contact authorities.
The University Health Network is making masks mandatory as respiratory illness season ramps up.
A Durham police officer has been charged criminally after he allegedly failed to render medical assistance to a person in distress.
A student advocacy group to prevent youth nicotine addiction says it wants the Alberta and federal governments to place a ban on all fruity and sweet vape juices.
Police now say a deadly shooting Friday evening in northeast Calgary is linked to organized crime. According to police, about a quarter of the year's total shootings are.
Three people were sent to hospital following a crash on Peigan Trail Monday morning.
A cat rescue southwest of Ottawa is under investigation after allegations of abuse, neglect and falsified medical records have surfaced.
As federal employees head into the office three days a week under the federal government's new hybrid work model, the City of Ottawa is only requiring its hybrid employees to be in the office a minimum of two days a week.
Mayor Mark Sutcliffe says the City of Ottawa is taking a "couple of important steps" to reduce heavy truck traffic in the village of Manotick, including banning transport trucks on a section of Manotick Main Street immediately.
A Quebec-based religion says Health Canada is dragging its feet on a decision whether to allow members to use magic mushrooms in their ceremonies.
A 23-year-old woman is recovering in hospital after being shot while lying in her bed in Repentigny, Que. on Friday night.
Some people living in the Le Plateau-Mont-Royal are seeing red over a new landscaping project meant to bring more green to the neighbourhood.
Two people needed to be pulled from a vehicle following a crash in northeast Edmonton Sunday evening.
Edmonton Oilers head coach Kris Knoblauch told media Monday after practice that although his team's usually potent power play has been sputtering badly to start the season, he's not ready 鈥 yet 鈥 to make changes to it.
Edmonton Public Schools support workers will go on strike on Thursday.
麻豆影视 is projecting the New Brunswick Liberals will form a majority government in the province, returning to power for the first time since 2018. Leader Susan Holt will become the first female premier of the province.
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New data is revealing the good, the bad and the ugly of artificial intelligence in schools.
A sentencing decision for a Saskatchewan father who withheld his seven-year-old daughter from her mother for more than 100 days in 2021 and 2022 in an attempt to prevent her from getting a COVID-19 vaccine is now in the hands of a Court of King's Bench judge.
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A Regina-based manufacturing company is hoping to break the world record for the longest trampoline, and they're already well on their way.
Victims are sharing the lasting impact of the 2023 triple stabbing at the University of Waterloo. The attacker, Geovanny Villalba-Aleman, previously pled guilty to four assault-related charges.
Testimony continued Monday at the trial of Erick Buhr, who has pleaded not guilty to the second-degree murder of his grandmother, Viola Erb.
Three people from Brantford are facing charges after 6.3 kilograms of cocaine was seized during search warrants at five southwestern Ontario locations.
A Saskatoon man is taking his love of card games to new depths 鈥 six feet under, to be exact.
A Saskatoon LGBTQ+ advocate says if the Saskatchewan Party's proposed change room policy had been in place when he was a kid, he would not have survived high school.
The RCMP says a 32-year-old Saskatchewan woman has been charged with criminal negligence and impaired driving after causing a fatal collision in the wrong lane of Highway 11.
It鈥檚 a story of survival and perseverance. A Chihuahua and terrier mix named Diamondhas been reunited with her owners after going missing in Markstay-Warren in March.
An Indigenous group in northwestern Ontario shut down the highway for a couple of hours Monday morning in protest after ancestral remains were found at a construction site.
Sudbury's Matthew Klug who has been homeless for six months, says he was ordered by bylaw to tear down a structure he built beside his tent.
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The Windsor Liberation Zone organizers are pleased that the University of Windsor will not reconsider two agreements made with pro-Palestinian protestors. The agreements were signed after a nine-week occupation.
The running community is mourning the death of a runner following the Detroit Free Press Marathon.
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Dave Lindsey began growing giant pumpkins to bring a bit of magic to his grandkids' Halloween.
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Calgary scored three times in the first, and three times in the third as the Hitmen defeated the Lethbridge Hurricanes 6-1 Saturday at the Saddledome.
The last students to graduate from Lethbridge College will make history this weekend as they cross the stage at fall convocation.
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A Quebec-based religion says Health Canada is dragging its feet on a decision whether to allow members to use magic mushrooms in their ceremonies.
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A Newfoundland scientist known for identifying a gelatinous, rancid mass that washed up on the island's shores decades ago is hoping to get his hands on a slice of the strange white globs appearing on the province's beaches.
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Tua Tagovailoa does not want to be the face of traumatic brain injuries in the NFL, but he knows that's the reality confronting him after his latest concussion.
A parliamentary committee will not question the coaches of the national women's soccer team about the Paris Olympics cheating scandal, after Liberal and Bloc Qu茅b茅cois MPs voted against launching a study today.
If LeBron James Sr. and his son, Bronny, make NBA history Tuesday night by playing in the same game for the Los Angeles Lakers, Ken Griffey Sr. and Ken Griffey Jr. will be there to witness it.
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The U.S. government's road safety agency is investigating Tesla's 'Full Self-Driving' system after getting reports of crashes in low-visibility conditions, including one that killed a pedestrian.
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