A new report from Ratehub.ca found that despite prices falling across 10 major cities, the income required to purchase in each of those markets simultaneously increased.A drop in home prices is generally a reason to celebrate for would-be homebuyers, bringing the dream of homeownership closer to their grasp. But in Canada's major housing markets, that hasn't necessarily been the case.from Ratehub.
“The stress test is the highest it has ever been, exceeding the high water mark that was set last month,” said James Laird, Co-CEO of Ratehub.ca and President of CanWise mortgage lender. “Home values dropped in all 10 cities we looked at, yet still became less affordable. August to September data highlights how impactful even a minor rate increase is on affordability.”Toronto saw the biggest decrease in home prices out of all the markets observed, falling $14,400.
“Home values are going to need to drop a lot more to offset the impact of the sharp rate increases,” Laird said.Our Housing Crisis Is At A Crossroads, And Cities Must Do More
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