Buyers need to earn an extra 20 per cent to be able to buy a dream home
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.
But there is good news-freezing mortgage rules until impact is known.
Recently introduced mortgage regulations should be assessed to see how they are working before any more are introduced, the CEO of mortgage insurer Canada Guaranty says.
Are you looking to buy a property? If you like, I can tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much I could save you right now if you have an existing mortgage.
Until next time,
Your mortgage expert Evgeny Kamenskiy