Driver, 18, gets $3,000 ticket, 32 demerit points after speeding on Laval boulevard
A young driver received a hefty fine from Laval police after they say he was driving nearly 100 km/h over the posted speed limit.
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.
A young driver received a hefty fine from Laval police after they say he was driving nearly 100 km/h over the posted speed limit.
Donald Trump was booed repeatedly while addressing Saturday night’s Libertarian Party National Convention.
Liz McGuire, the Blue Jays fan who was struck in the face with a 110 m.p.h. foul ball last week, has been pictured on a custom baseball trading card applauding her fandom to the game.
Two-time PGA Tour winner Grayson Murray died Saturday morning at age 30, one day after he withdrew from the Charles Schwab Cup Challenge at Colonial.
Cases of Lyme disease have now increased more than 1,000 per cent in a decade as the warming climate pushes the boundaries of a range of pathogens and risk factors northward.
According to some experts, there is one type of screen time that is continuously excessive, and it's having a severe effect on our children.
Twelve people were injured when a Qatar Airways plane flying from Doha to Dublin on Sunday hit turbulence, airport authorities said.
Decades after being punished in a residential school for speaking his own language, Sol Mamakwa will hold the powerful to account at Ontario's legislature in the very same language past governments tried to bury.
B'nai Brith Canada flagged the issue of AI-generated hate content in a recent report on antisemitism.
When one is extended an invitation to the Royal Garden Party in London, England, there's undoubtedly no shortage of pomp and circumstance. Barrie, Ont. natives Megan Kirk Chang and her husband Brandon experienced just that as they entered the prestigious event hosted at Buckingham Palace on Tuesday.
An unlikely celebrity emerged from social media to cheer on the Edmonton Oilers as they face the Dallas Stars tonight in Game 1 of the Western Conference Finals.
The proprietors of Regina's sole discount theatre are aware they're carrying on a significant legacy.
When Jujhar Mann said he wanted to be a pastry chef on a grade school career project, he didn't imagine that pursuing his dream would land him on a popular Netflix baking competition.
A city known for its history, ties to outer space and southern barbecue, is also home to a Winnipeg chef dishing out dozens of perogies.
A Montreal photographer captured the moment a Canada goose defended itself from a fox at the Botanical Garden.
Public libraries in Atlantic Canada are now lending a broader range of items.
Flashes of purple darting across the sky mixed with the serenading sound of songs will be noticed more with spring in full force in Manitoba.
Catching 'em all with impressive speed, a 7-year-old boy from Windsor, Ont. who only started his competitive Pokémon journey seven months ago has already levelled up to compete at a world championship level.