Buyers need to earn an extra 20 per cent for dream home

By Steve Randall
Homebuyers will need more income to buy the home they want now, compared to before the federal mortgage rules were changed.

Ratehub.ca has analyzed the data and found that buyers will need 20 per cent more income now to secure an insured mortgage for an average-priced house.

The income increases vary across Canada with a below-average 19.2 per cent extra needed in PEI compared to 24.3 per cent in Edmonton,  24.9 per cent in Toronto and 27.2 per cent in Vancouver.
 

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