Buying a home in Canada became slightly easier in July, according to a new report that cites dropping mortgage rates and lowering average home prices.

The minimum income required to purchase a home dipped last month across the 13 major cities studied by Ratehub.ca, according to their recent blog post.

That salary threshold dropped by more than $5,000 in Canada’s two priciest markets of Toronto and Vancouver, and it was overall lower across the board.

One factor in the drop was average home prices, which went down month-over-month in Canada’s largest markets.

  • BlameThePeacock@lemmy.ca
    link
    fedilink
    English
    arrow-up
    2
    ·
    3 months ago

    There are 2 (two) detached houses in Greater Victoria (0 in the City of Victoria) for less than $872k ( I just checked the MLS)

    So there’s no way this isn’t heavily weighted towards townhouses/condos.