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Income required to buy a home in Ottawa jumps $4,600 in one month

The average income needed to buy a new home in Ottawa increased $4,600 from May to June as mortgage rate hikes took hold and the cost of a home increased in the capital.

A new report by, an online mortgage brokerage service, found that affordability conditions worsened across 10 major cities in Canada in June.

Ottawa homebuyers needed to earn an average salary of $134,650 to purchase a new home in Ottawa in June, up from $130,000 in May.

According to, the average price of a new home was $652,700 in June, up from $645,400 in May.

The survey looks at the income required to buy an average priced home with a mortgage rate of 5.72 per cent and a stress test rate of 7.72 per cent.

The income required in Vancouver increased $8,850 in June to $235,650, while the income required in Toronto jumped $7,200 to $229,800.

“Mortgage rates increased from May to June, so much so that affordability was down in all 10 cities, including the four cities where home prices were lower,” James Laird, Co-CEO of said in a statement.

The average income required to purchase a new home in Canada ranges from $78,760 in Winnipeg to $235,650 in Vancouver.

Average income needed for a new home down year over year

While the average income for a new home increased in June, it is still down from a year ago.

In June 2022, homebuyers needed an income of $137,050 to meet the requirements to obtain a mortgage for the average priced home in Ottawa.

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