Parents of infant who died in wrong-way crash on Ontario's Hwy. 401 were in same vehicle
Ontario’s Special Investigations Unit has released new details about a wrong-way collision in Whitby on Monday night that claimed the lives of four people.
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.
Ontario’s Special Investigations Unit has released new details about a wrong-way collision in Whitby on Monday night that claimed the lives of four people.
Three men in Quebec from the same family have fathered more than 600 children.
A British Columbia mayor has been censured by city council – stripping him of his travel and lobbying budgets and removing him from city committees – for allegedly distributing a book that questions the history of Indigenous residential schools in Canada.
A spike in impaired driving-related collisions has caused Ontario’s provincial police to begin enforcing mandatory alcohol screening (MAS) at all traffic stops in the Greater Toronto Area -- a move one civil rights group says is ‘not acceptable.’
William Nylander scored twice and Joseph Woll made 22 saves as the Toronto Maple Leafs downed the Boston Bruins 2-1 on Thursday to force Game 7 in their first-round series.
Jurors in the hush money trial of Donald Trump heard a recording Thursday of him discussing with his then-lawyer and personal fixer a plan to purchase the silence of a Playboy model who has said she had an affair with the former president.
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Fake text message and email campaigns trying to get money and information out of unsuspecting Canadian taxpayers have started circulating, just months after the federal government rebranded the carbon tax rebate the Canada Carbon Rebate.
Three men in Quebec from the same family have fathered more than 600 children.
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A police officer on Montreal's South Shore anonymously donated a kidney that wound up drastically changing the life of a schoolteacher living on dialysis.
Since 1932, Montreal's Henri Henri has been filled to the brim with every possible kind of hat, from newsboy caps to feathered fedoras.
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Out of more than 9,000 entries from over 2,000 breweries in 50 countries, a handful of B.C. brews landed on the podium at the World Beer Cup this week.
Raneem, 10, lives with a neurological condition and liver disease and needs Cholbam, a medication, for a longer and healthier life.
The lawyer for a residential school survivor leading a proposed class-action defamation lawsuit against the Catholic Church over residential schools says the court action is a last resort.
Mounties in Nanaimo, B.C., say two late-night revellers are lucky their allegedly drunken antics weren't reported to police after security cameras captured the men trying to steal a heavy sign from a downtown business.