More Income Needed By Buyers To Purchase A Home

Compared to before, in light of the new mortgage rules that were altered and adjusted, homebuyers will now need a higher income before they can be able to purchase their very own home.

 An analysis was made by Ratehub.ca, and they looked through the data and found out that potential buyers will have to need at least 20 per cent of their average income from now on to be qualified enough to secure an insured loan which will enable them to get a house for an average price.

The increase in income across the country varies, with a low benchmark percentage of 19.2 per cent required in PEI, while in Edmonton, it’s 23.3 per cent, Toronto 24.9 per cent and Vancouver 27.2 per cent.