Ratehub.ca has analyzed the data and found that buyers will need 20 per cent more income now to secure an insured mortgage for an average-priced house.
The income increases vary across Canada with a below-average 19.2 per cent extra needed in PEI compared to 24.3 per cent in Edmonton, 24.9 per cent in Toronto and 27.2 per cent in Vancouver.
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Homebuyers will need more income to buy the home they want now, compared to before the federal mortgage rules were changed.