How much income do you need to buy a home in Canada? A look at housing affordability in May 2025 Jun 23rd

Obtaining a mortgage or secured line of credit in Canada at the best rates is often a daunting task. We can help! Read the articles below for more info.

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How much income do you need to buy a home in Canada? A look at housing affordability in May 2025

– moneysense.ca

After an unseasonably chilly spring housing market, green shoots are appearing in terms of buyer demand—and that could mean days are numbered for easy borrowing conditions.

The latest data from the Canadian Real Estate Association revealed that, after six months of declines, sales firmed up between April and May, increasing 3.6%. While still early days, the uptick in activity has prompted optimism from the national board that home buyers have come to terms with tariff-imposed uncertainty, and are finally coming off the sidelines.

That increase had led to rising average home prices in a number of Canadian markets, the likes of which are already eroding mortgage borrowing conditions, according to the latest Affordability report released by Ratehub.ca. This monthly snapshot of markets across Canada found affordability worsened in eight of 13 major urban centres.The study, which uses national real estate data, changes to mortgages rates, and the mortgage stress test rate, defines affordability by the amount of income a buyer would need to earn to qualify for a mortgage on the average-priced home in their market, along with changes to monthly mortgage payments…

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