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‘Never been a harder time’: Here’s the income you need to buy a home in Canada
buy a home than compared to last year, according to a new report from RateHub.The report shows that homebuyers will need an annual income of $217,000 in Toronto as of March 2023 to afford to buy a $1,118,500 home. That’s a $6,250 increase in income compared to March 2022, even though the average home price fell by more than $200,000 in the city in that time, according to RateHub.You will also need to earn over $200,000 in Vancouver to afford a home, while the rest of the country requires between $75,000 and $170,000.