Here's how much you need to earn to buy a home in Ottawa this summer

The report looked at the income required to purchase a home in Ottawa, with the average home price of $695,600 in June, and a mortgage of $556,480. The stress test rate was 7.21 per cent and the mortgage rate of 5.21 per cent.

RateHub.ca says the income required to buy an average-priced home in Ottawa increased $15,350 from March to June. In March, homebuyers needed an income of $121,700 to purchase the average home in Ottawa of $728,000, according to RateHub.ca. The report notes the stress test rate and the mortgage rate were lower in March than in June.

Who buys an 'average priced' home as a 1st home? I still live in the 'bargain' home I purchased 30 years ago.

Remember when the sunshine list was a group of basically rich people? They’re now barely able to afford a 1 bdrm apartment now.

Does anyone think we may have a problem ?

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