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.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
More market watch: