No Result
View All Result
SUBMIT YOUR ARTICLES
  • Login
Saturday, October 25, 2025
TheAdviserMagazine.com
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal
No Result
View All Result
TheAdviserMagazine.com
No Result
View All Result
Home Market Research Money

Why are mortgages so expensive in Canada?

by TheAdviserMagazine
7 months ago
in Money
Reading Time: 3 mins read
A A
Why are mortgages so expensive in Canada?
Share on FacebookShare on TwitterShare on LInkedIn


CityJanuary average home price February average home price  Changein home pricesJanuary mortgage payment February mortgage payment Change in paymentsJanuary income requiredFebruary income required Change in come Hamilton$819,500$812,600-$6,900$4,294$4,194-$100$174,450$171,000-$3,450Toronto$1,070,100$1,073,900$3,800$5,607$5,543-$64$223,290$221,200-$2,090Vancouver$1,174,400$1,185,100$10,700$6,153$6,117-$36$243,600$242,600-$1,000Calgary$573,100$576,800$3,700$3,003$2,977-$26$126,470$125,700-$770Victoria$870,100$878,700$8,600$4,559$4,535-$24$184,300$183,700-$600Regina$316,300$317,700$1,400$1,657$1,640-$17$76,470$75,910-$560St. John’s$367,600$371,300$3,700$1,926$1,916-$10$86,450$86,210-$240Ottawa$649,900$658,300$8,400$3,405$3,398-$7$141,420$141,340-$80Winnipeg$363,200$373,700$10,500$1,903$1,929$26$85,600$86,670$1,070Montreal$549,900$562,300$12,400$2,881$2,902$21$121,950$122,900$950Edmonton$412,200$421,800$9,600$2,160$2,177$17$95,150$95,910$760Halifax$550,500$561,400$10,900$2,884$2,898$14$122,070$122,730$660Fredericton$338,800$343,800$5,000$1,775$1,775$0$80,850$80,920$70

Get free MoneySense financial tips, news & advice in your inbox.

Canadian cities where affordability improved

Where in Canada is owning a home becoming more affordable?

Hamilton: Bearing the correction brunt

In its latest data report, CREA pointed out that while sales fell in two-thirds of all markets, Ontario’s Greater Golden Horseshoe was hit especially hard. That’s quite apparent in Hamilton, where transactions dropped 35% year over year in February, according to the Realtors’ Association of Hamilton-Burlington. That resulted in the city’s average home price decreasing by $6,900, to $812,600; combined with lower mortgage rates, that cooled the required income by $3,450. The average monthly mortgage payment in Hamilton also dropped by $100 compared to January, to $4,194.

Toronto: A spring marked by slowing sales

Tariff fears have also taken a bite out of demand within Ontario’s priciest housing market Toronto. Transactions plunged over 27% in Toronto in February, according to the Toronto Regional Real Estate Board (TRREB). While home prices held firm—the city’s average ticked up by $3,800 month over month to $1,073,900 – mortgage rates had fallen by a large enough degree to move the affordability dial; the required income dropped by $2,090 in Toronto, along with the average monthly mortgage payment; it fell $64 to $5,543.

Vancouver: Below the seasonal average

Early spring home sales have also dropped in Vancouver, down 11.7% year over year, and sitting a whopping 28.9% below the 10-year seasonal average, according to the Greater Vancouver Realtors. While transactions have corrected to a lesser degree than what we’re seeing in Ontario, tariff concerns have also shaken west-coast buyers, especially as Vancouver real estate remains the most expensive in Canada. Home prices still rose by an average of $10,700 in February, to $1,174,400. Again, lower mortgage rates led to the average monthly payment dipping slightly, by $36, to $6,117, and the required income dropping by $1,000.

Canadian cities where affordability worsened

Just five of 13 cities saw affordability worsen in February. These were all markets in Canada where buyers are less constrained by high home prices—all with an average below $600,000 —and with a trend of increasing sales and shrinking supply.

Winnipeg: Into sellers’ market territory

Unlike Canada’s largest cities, the Winnipeg housing market heated up in February. According to the Winnipeg data compiled by CREA, home sales increased 13.4% year over year, while listings declined by 6.6%. That combination pushed up prices. The city’s average rose $10,500 month over month to $373,700. As a result, the required income needed to qualify for a mortgage in Winnipeg increased by $1,070. The average monthly mortgage payment also jumped by $26, to $1,929.

Montreal: Reaching pre-pandemic conditions

Montreal continues to experience robust real estate demand; according to the Quebec Professional Association of Real Estate Brokers (QPAREB), February sales were “comparable to the two strong years preceding the pandemic,” with a 7% year-over-year increase, announced the organization. Overall, it remains a strong sellers market, with bidding wars for single-family homes up 15%. That resulted in a $12,400 increase in the averaged Montreal home price, to $562,300, and led to the required income rising by $950.

Edmonton: Sales continue to rise

The Greater Edmonton Area (GEA) housing market kicked off the year with robust home sales, and that trend continued into February, with the Realtor’s Association of Edmonton (RAE) reporting a 14.3% increase in transactions, also outstripping new listings.



Source link

Tags: CanadaExpensiveMortgages
ShareTweetShare
Previous Post

Lunakai Sambucus Elderberry Gummies with Zinc & Vitamin C, 60 count only $12.96 shipped!

Next Post

Who Can Make Medical Decisions for Your Minor Child When You’re Away?

Related Posts

edit post
The Grim Reality of Working in These 10 Professions

The Grim Reality of Working in These 10 Professions

by TheAdviserMagazine
October 24, 2025
0

Image Source: Shutterstock.comAre you stuck in a dead-end job? Do you feel like you have no room for growth, no...

edit post
Bankrupt Brands: 12 Companies We Can’t Believe Are Still in Business

Bankrupt Brands: 12 Companies We Can’t Believe Are Still in Business

by TheAdviserMagazine
October 24, 2025
0

Image Source: Shutterstock.com The corporate world is rife with tales of downfall and redemption. Some companies, despite facing overwhelming financial...

edit post
8 Ways to Prove “Life-Changing Events” and Lower Your IRMAA Surcharge (Before It Auto-Hits)

8 Ways to Prove “Life-Changing Events” and Lower Your IRMAA Surcharge (Before It Auto-Hits)

by TheAdviserMagazine
October 24, 2025
0

Image Source: ShutterstockIf your Medicare premiums suddenly spike, you might have been hit with an Income-Related Monthly Adjustment Amount (IRMAA)—a...

edit post
The Little Form That Lowers Part D Drug Costs Before You Hit the Cap

The Little Form That Lowers Part D Drug Costs Before You Hit the Cap

by TheAdviserMagazine
October 24, 2025
0

Image Source: ShutterstockPrescription drug costs are rising fast, and many retirees in Florida are feeling the squeeze. Even with Medicare...

edit post
How Men and Women Perceive Fairness in the Workplace As Parents

How Men and Women Perceive Fairness in the Workplace As Parents

by TheAdviserMagazine
October 24, 2025
0

oliveromg / Shutterstock.comFor many working parents, the idea of “balance” feels out of reach. Mothers report higher standards at work,...

edit post
Polyamory’s Secret Money Traps: How Multiple Partners Could Cost You Thousands (And How to Avoid Them)

Polyamory’s Secret Money Traps: How Multiple Partners Could Cost You Thousands (And How to Avoid Them)

by TheAdviserMagazine
October 23, 2025
0

Image source: Shutterstock. Love triangle on a couch, not thinking about money. Reporting on the subject of alternative relationships suggests...

Next Post
edit post
Who Can Make Medical Decisions for Your Minor Child When You’re Away?

Who Can Make Medical Decisions for Your Minor Child When You’re Away?

edit post
11 Low-Priced High-Dividend Stocks Trading Under  Now

11 Low-Priced High-Dividend Stocks Trading Under $10 Now

  • Trending
  • Comments
  • Latest
edit post
77-year-old popular furniture retailer closes store locations

77-year-old popular furniture retailer closes store locations

October 18, 2025
edit post
Pennsylvania House of Representatives Rejects Update to Child Custody Laws

Pennsylvania House of Representatives Rejects Update to Child Custody Laws

October 7, 2025
edit post
What to Do When a Loved One Dies in North Carolina

What to Do When a Loved One Dies in North Carolina

October 8, 2025
edit post
Probate vs. Non-Probate Assets: What’s the Difference?

Probate vs. Non-Probate Assets: What’s the Difference?

October 17, 2025
edit post
California Attorney Pleads Guilty For Role In 2M Ponzi Scheme

California Attorney Pleads Guilty For Role In $912M Ponzi Scheme

October 15, 2025
edit post
Baby Boomers Are Flocking to This Florida Town — but Not for the Weather

Baby Boomers Are Flocking to This Florida Town — but Not for the Weather

October 9, 2025
edit post
Estee Lauder (EL) Earnings Preview: Sales and earnings anticipated to see a pickup in Q1 2026

Estee Lauder (EL) Earnings Preview: Sales and earnings anticipated to see a pickup in Q1 2026

0
edit post
6 strategic steps to increase technology agility in indirect tax

6 strategic steps to increase technology agility in indirect tax

0
edit post
Columbia University’s operating income plunges by nearly two-thirds

Columbia University’s operating income plunges by nearly two-thirds

0
edit post
Markets pricey with modest EPS growth; autos, hospitality offer opportunities: Venkatesh Balasubramaniam of JM Financial

Markets pricey with modest EPS growth; autos, hospitality offer opportunities: Venkatesh Balasubramaniam of JM Financial

0
edit post
Like Milei, Trump also can’t stop Argentina’s peso from falling — ‘Will the U.S. get paid back?’

Like Milei, Trump also can’t stop Argentina’s peso from falling — ‘Will the U.S. get paid back?’

0
edit post
State Voting Audits | Armstrong Economics

State Voting Audits | Armstrong Economics

0
edit post
Markets pricey with modest EPS growth; autos, hospitality offer opportunities: Venkatesh Balasubramaniam of JM Financial

Markets pricey with modest EPS growth; autos, hospitality offer opportunities: Venkatesh Balasubramaniam of JM Financial

October 25, 2025
edit post
Like Milei, Trump also can’t stop Argentina’s peso from falling — ‘Will the U.S. get paid back?’

Like Milei, Trump also can’t stop Argentina’s peso from falling — ‘Will the U.S. get paid back?’

October 25, 2025
edit post
Bitcoin Liquidity Hits Seven-Year Low As Accumulators Stack 373,700 BTC In A Month

Bitcoin Liquidity Hits Seven-Year Low As Accumulators Stack 373,700 BTC In A Month

October 25, 2025
edit post
US dollar makes modest weekly gain after soft inflation data

US dollar makes modest weekly gain after soft inflation data

October 25, 2025
edit post
Custodia and Vantage Deliver Tokenization Directly Inside Everyday Banking Systems

Custodia and Vantage Deliver Tokenization Directly Inside Everyday Banking Systems

October 25, 2025
edit post
Bank of England Probes Data Mining Lending Fueling AI Bets

Bank of England Probes Data Mining Lending Fueling AI Bets

October 24, 2025
The Adviser Magazine

The first and only national digital and print magazine that connects individuals, families, and businesses to Fee-Only financial advisers, accountants, attorneys and college guidance counselors.

CATEGORIES

  • 401k Plans
  • Business
  • College
  • Cryptocurrency
  • Economy
  • Estate Plans
  • Financial Planning
  • Investing
  • IRS & Taxes
  • Legal
  • Market Analysis
  • Markets
  • Medicare
  • Money
  • Personal Finance
  • Social Security
  • Startups
  • Stock Market
  • Trading

LATEST UPDATES

  • Markets pricey with modest EPS growth; autos, hospitality offer opportunities: Venkatesh Balasubramaniam of JM Financial
  • Like Milei, Trump also can’t stop Argentina’s peso from falling — ‘Will the U.S. get paid back?’
  • Bitcoin Liquidity Hits Seven-Year Low As Accumulators Stack 373,700 BTC In A Month
  • Our Great Privacy Policy
  • Terms of Use, Legal Notices & Disclosures
  • Contact us
  • About Us

© Copyright 2024 All Rights Reserved
See articles for original source and related links to external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal

© Copyright 2024 All Rights Reserved
See articles for original source and related links to external sites.