# @realwillmansour on Instagram

- **Type:** Video
- **Original URL:** https://www.instagram.com/p/C35ZuAUI6Cc
- **Gondola URL:** https://gondola.cc/posts/61626040-realwillmansour-instagram
- **Thumbnail:** https://img.gondola.cc/tr:w-,h-,fo-auto/postThumbnails/df082c327e.jpg
- **Posted:** 2024-02-28T15:53:53.000+00:00
- **Account Owner:** Will Mansour (@realwillmansour) — https://gondola.cc/realwillmansour

## Caption

🏡✨ January had some cool news for Canadian homebuyers - it got a bit easier to afford a home in 13 major markets! 

Thanks to Ratehub.ca, we learned that average incomes needed for home purchases have dropped. Why? 

Well, home prices took a little chill pill, and mortgage rates softened up, making the whole mortgage stress test less of a headache. 📉💸

In January, the stress test rate dipped to 7.71%, a nice drop from December's 8.16%. This is all based on an average mortgage rate of 5.71%. 

Especially in Vancouver, folks need around $9,620 less in income to buy a home than before, which is huge! Toronto saw a decrease too, needing $7,800 less. 

Even Calgary, where prices nudged up a bit, saw the income needed to buy a home drop by $3,350. 🌟
But, don't get too comfy. The housing market's warming up again, with home sales and prices starting to climb. 

This might mean the affordability break could be short-lived. 

So, if you're looking to buy, maybe now's a good time to peek at those listings! 🏠💼 

#Mortgage #CanadianHousing #Affordability #RealEstateNews #Mississauga #TorontoLife #oakville #realtorsofinstagram  #mississaugarealestate #MakeADifference #TorontoRealEstate #mississauga #oakville #mississaugarealestate #oakvillerealestate

## Stats

- **Views:** 331
- **Likes:** 58
- **Shares:** 0
- **Comments:** 3

## Tags

mississaugarealestate, realestatenews, torontolife, torontorealestate, realtorsofinstagram, oakville, mississauga, canadianhousing, mortgage, oakvillerealestate, makeadifference, affordability

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