Mortgage Affordability Tightens in 11 Cities
Montreal News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Mortgage affordability tightened for Canadians in 11 out of 13 major cities last February, according to a new report from Ratehub. Home prices surged while rates remained relatively stable, increasing the income required to purchase a typical home. Montreal experienced the most significant impact, with buyers needing thousands more in annual income to cover mortgage payments on average homes. A wave of mortgage renewals is underway, and rising oil prices could push rates higher, affecting homebuyers future prospects.
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