You need $25,500 more income to buy a home in Victoria than last year
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“Home prices are down, but affordability is worse than 12 months ago,” said James Laird, co-chief executive of Ratehub.ca and president of CanWise mortgage lender. In Victoria, B.C. for example, where affordability has declined the most, you now need another $25,500 of income to afford a home. One reason is that prices here have only fallen $11,800 over the past year, the smallest decline of all the cities studied. The total income needed for a home in this Vancouver Island city is $169,250.Article content
The only city where affordability improved was Hamilton, Ont., where buyers now need an average of $4,350 less income to afford a home. This was because the average home price is down $202,900 from last year, the biggest decline of all the cities studied.Article content
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