The income required to buy a home in Ottawa this fall dropped by $2,600 due to declining housing prices, according to a new poll. Ratehub.ca latest affordability report shows mortgage affordability improved in 12 of 13 major Canadian cities in September, including in Ottawa. The report shows the average income required to buy a home in Ottawa was $134,770 in September, down from $137,400 in August. According to Ratehub.ca, the average price of a new home dropped from $637,700 to $623,500 in September. Ratehub.ca looks at the income required to buy a home with a 10 per cent down payment, a 25-year amortization, $4,000 in annual property taxes and a monthly heating bill of $150. The mortgage rate was 4.56 per cent, and the stress test rate was 6.56 per cent. The report says the average mortgage payment in Ottawa was $3,221 in September compared to $3,291 a month in August. Halifax saw the biggest improvement in home affordability in September, with the income required to purchase a home dropping by $4,160. The average price of a home sold in Halifax was $541,700 in September, down $22,100 from August. The average income required to buy a home dropped $1,840 in Victoria to $183,510, while the income required to buy a home in Toronto dropped $1,430 to $153,050 last month. Ratehub.ca says you needed an average income of $221,750 to buy a home in Vancouver in September, down from $222,730 in August.
