this post was submitted on 20 Aug 2024
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Minimum income needed to buy a Canadian home lowered in July (www.ctvnews.ca)
submitted 2 months ago by girlfreddy@lemmy.ca to c/canada@lemmy.ca
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Buying a home in Canada became slightly easier in July, according to a new report that cites dropping mortgage rates and lowering average home prices.

The minimum income required to purchase a home dipped last month across the 13 major cities studied by Ratehub.ca, according to their recent blog post.

That salary threshold dropped by more than $5,000 in Canada’s two priciest markets of Toronto and Vancouver, and it was overall lower across the board.

One factor in the drop was average home prices, which went down month-over-month in Canada’s largest markets.

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[–] avidamoeba@lemmy.ca 2 points 2 months ago (4 children)

I think when they say "home" they mean detached/semi-detached. Not condos.

[–] tootoughtoremember@lemmy.world 4 points 2 months ago (2 children)

Average home prices are from the CREA MLS® Home Price Index (HPI)

I was able to match the pricing data in the article to the "Composite" figures on the HPI website. The amounts include condos.

[–] avidamoeba@lemmy.ca 2 points 2 months ago* (last edited 2 months ago) (1 children)

Interesting. Does it say if it's an average or a median?

HouseSigma shows a median for all property types in July of 854,000 for Toronto and 950,000 for GTA.

[–] tootoughtoremember@lemmy.world 3 points 2 months ago

It doesn't appear to use either.

The MLS® HPI is based on the value home buyers assign to various housing attributes, which tend to evolve gradually over time.

I can't seem to find how they define value, or how they determine a home buyers interest in various housing attributes.

Since it's MLS own metric, I would take it with a grain of salt anyways.

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