'He's in our hearts': Family and friends still seek answers one year after Nathan Wise’s disappearance
It’s been a year since Nathan Wise went missing and his family is no closer to finding out what happened to him.
A homebuyer would need less income now to qualify for an average-priced home in a major Canadian city when compared to how much it was costing in the summer, according to new data from mortgage brokerage Ratehub.ca.
The brokerage analyzed 10 cities across Canada using October 2022 real estate data and compared data from June and August.
Homes across the country "are becoming more affordable," said Ratehub.ca marketing strategist Jon Jilani in a report released on Nov. 16, 2022.
“With the Bank of Canada signalling that the worst of the rate hikes may be behind us”, the report noted, there was a reason to be “cautiously optimistic” about home affordability in Canada.
Ratehub.ca looks at the minimum annual income required to buy an average-priced home in Canada’s 10 major cities. The analysis keeps into account the changes in mortgage rates, stress test rates, and real estate prices.
RateHub.ca Co-CEO James Laird said in a news release on Wednesday that it is likely that June 2022 was the low point for affordability since mortgage rates were up and home prices had not yet softened significantly.
The data collected from Ratehub.ca showed that Victoria had the highest drop in income and average-priced homes in October. The average price of a home in Victoria last month was $915,300, with a stress test rate of 7.44 per cent and a mortgage rate of 5.44 per cent.
Homebuyers would need to earn an annual income of at least $178,890 a year in October to qualify for a mortgage for an average-priced home, with a 20 per cent down payment.
Vancouver remained the most expensive city in Canada to buy an average-price home. One would need an income of $220,700 in order to be able to afford an average home worth $1,148,900. Toronto follows a close second, with a required income of $211,650.
The report noted that despite Vancouver being the most expensive city in Canada for buying a house, it is also where the prices have “declined the most substantially over the last few months.”
"As affordability continues to improve, we will likely see homebuyers resume their search in the new year. We will have to see if sellers are interested in listing their homes at values that are significantly lower than their peak,” Laird said.
It’s been a year since Nathan Wise went missing and his family is no closer to finding out what happened to him.
Dozens of Ontarians are expressing frustration in the province’s health-care system after their family doctors either dropped them as patients or threatened to after they sought urgent care elsewhere.
An Ottawa pizzeria is being recognized as one of the top 20 deep-dish pizzas in the world.
Amazon's paid subscription service provides free delivery for online shopping across Canada except for remote locations, the company said in an email. While customers in Iqaluit qualify for the offer, all other communities in Nunavut are excluded.
The fire burning near Fort McMurray grew from 25 hectares to 5,500 hectares over the weekend.
Russia’s President Vladimir Putin began a Cabinet shakeup on Sunday, proposing the replacement of Sergei Shoigu as defence minister as he begins his fifth term in office.
Police are searching for a male suspect after a man was “slashed in neck” on Sunday morning in downtown Toronto and died.
There were some scary moments for several people on a northern Ontario highway caught on video Thursday after a chain reaction following a truck fire.
Health Canada announced various product recalls this week, including electric adapters, armchairs, cannabis edibles and vehicle components.
English, history, entertainment, math and geography: high school trivia teams could be quizzed on any of it when they compete at the Reach for the Top Nationals in Ottawa in June.
An Ottawa pizzeria is being recognized as one of the top 20 deep-dish pizzas in the world.
A family of fifth generation farmers from Ituna, Sask. are trying to find answers after discovering several strange objects lying on their land.
A Listowel, Ont. man, drafted by the Hamilton Tigercats last week, is also getting looks from the NFL, despite only playing 27 games of football in his life.
The threat of zebra mussels has prompted the federal government to temporarily ban watercraft from a Manitoba lake popular with tourists.
A small Ajax dessert shop that recently received a glowing review from celebrity food critic Keith Lee is being forced to move after a zoning complaint was made following the social media influencer’s visit last month.
The Canada Science and Technology Museum is inviting visitors to explore their poop. A new exhibition opens at the Ottawa museum on Friday called, 'Oh Crap! Rethinking human waste.'
The Regina Police Service says it is the first in Saskatchewan and possibly Canada to implement new technology in its detention facility that will offer real-time monitoring of detainees’ vital health metrics.
Just as she had feared, a restaurant owner from eastern Quebec who visited Montreal had her SUV stolen, but says it was all thanks to the kindness of strangers on the internet — not the police — that she got it back.