Income over $220B needed to buy a home in Toronto : Ratehub.ca

Across all cities, the annual income needed to buy a home has jumped by an average of $18,000 in the past four months alone.

Content of the article

According to new data from Ratehub.ca, you will need to earn over $220,000 to buy a home in Toronto and Vancouver with a 20% down payment.

Content of the article

While home prices have fallen in cities like Toronto, Vancouver, Winnipeg, Ottawa and Hamilton, the income required to buy a home in these markets 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.

Homebuyers in Toronto are expected to earn $15,750 or 7% more than in March, while those in Vancouver are expected to earn $31,730 or 16% more.

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

Victoria, British Columbia saw the biggest increase in June compared to March, with $35,760 or 23% more income required.