Recent increases in borrowing costs have led to buyers across Canada requiring more income to qualify for a mortgage, except in Toronto and Hamilton, a new study has found.
The Ratehub.ca report examined average prices in August from July in most major cities with more than half seeing declines, led by Toronto and Hamilton.
In Toronto, for example, the average price declined nearly $20,000 to about $1.141 million in August.
That led to the annual income required to decline $1,950 to $233,300 to qualify for a 25-year amortized mortgage with the average fixed, five-year...