The amount of money Ottawa residents needed to earn to buy a new home dropped $4,670 in May compared to a year ago, as the average cost for a new home dropped more than $60,000 in Ottawa.
The amount of money Ottawa residents needed to earn to buy a new home dropped $4,670 in May compared to a year ago, as the average cost for a new home dropped more than $60,000., an online mortgage brokerage service, shows homebuyers needed an average income of $130,000 to purchase a new home in Ottawa last month, down from $134,670 in May 2022.
The survey shows the average cost of a home in Ottawa dropped from $709,100 in May 2022 to $645,400 in May 2023. Ratehub.ca says the report shows how changing mortgage rates, stress test rates and real estate prices are impacting the income needed to buy a home.
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