Prices are falling from their pandemic highs, but the cost of borrowing is the big factor now
Home prices are falling, but it’s more expensive to buy a home now compared to the February peak.
The income needed to qualify for a lower home price in September actually increased. A five-year fixed rate mortgage is now 5.5 per cent, meaning a required income for an average home of $1.09 million is $237,250 with a 20 per cent down payment, she added. The impact of higher rates hasn’t run it’s course yet,” said Robert Hogue, a senior economist with the Royal Bank of Canada. In fact, buying a home has never been so unaffordable in Toronto, a recent Royal Bank of Canada report said.
“Lowering prices but rising interest rates hasn’t made monthly payments more affordable yet,” he said. “All it’s done is make those who were on the cusp of entering the market go into the rental market and those who wanted to sell and downsize lose investment on their property.” “There’s a very slim chance for Toronto to enter the realm of affordable,” said Hogue. “It’s a global city. People come here and demand more land to build property or buy. If there’s demand prices will always prevail.”
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