Posthaste: Rising mortgage rates driving Ontario homeowners to move in search of affordability

All across Canada, the average income needed to buy a home has risen by an average of $18,000 from March to June, Ratehub said.bring income requirements up an additional $35,760 in Victoria, and $31,730 in Vancouver. But even in Ontario, where prices have fallen from March to June, higher incomes are still needed to qualify for a mortgage.

For example, in Toronto, you now need to make $15,750 more to buy a house priced at the average $1.2 million. Ottawa isn’t much better, with $15,350 more in annual income needed to purchase a $695,600 home. Hamilton, Ont., homebuyers need an extra $8,660 to qualify for a mortgage on a $934,700 house.Article content“Generally, for every one per cent that the stress test increases, a household qualifies for about 10 per cent less mortgage,” James Laird, co-chief executive of Ratehub.

In Ontario, prices are indeed sliding at a fast clip. But they are still quite high compared to many other cities in other provinces. For example, while the average price of a home in Toronto was over $1.2 million in June, a house is considerably cheaper in Halifax, at only $544,900, according to data from the. Cities in Alberta fare even better, with the average home in Calgary costing $530,500 in June and $409,300 in Edmonton.

That doesn’t mean Ontarians are planning a mass exodus out of the province, however. According to LowestRates.ca’s survey, 46 per cent plan to stay put in their current town when they make a move this year. Another 32 per cent said they are thinking of moving to another location within Ontario. Only 6.8 per cent said they’ll ditch Ontario for another province.Article content

Should have read “…driving MORE…now worse traffic jam ever….”

Getting out of Ontario is the best solution. The living is better elsewhere.

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