The amount of money an Ottawa resident needs to make in order to afford a house is on the rise, despite housing prices going down. ottnews
The amount of money an Ottawa resident needs to make in order to afford a house is up compared to this time last year, but down from the middle of summer.
The report shows that while the average home price in Ottawa fell by more than $72,000 between January 2022 and January 2023, the amount of money someone needs to make to be able to afford an average home in the city has risen by $8,370.says an Ottawa resident needs to make $122,440 per year to afford a home in 2023, compared to $114,070 in 2022."Home prices are down, but affordability is worse than 12 months ago," said Ratehub.ca co-CEO James Laird in the report.
The only city where affordability improved was Hamilton, Ont., where the income needed to buy a home fell by $4,350 to $159,100 per year. The year-over-year increase in Ottawa, however, is a decline from the summer and fall. Ratehub.ca's analysis from August 2022 said homebuyers would need to earn
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