Buying a home in the St. John’s metro region is less affordable, with a nearly $10,000 hike in the price of an average home in June of this year from the month before.
Mortgage firm RateHub says while homes in the St. John’s region are generally more affordable than many other Canadian markets, the average price jumped steeply, bucking a trend in major markets like Toronto, Montreal and Calgary where prices have dropped.
The increase means the mortgage payment on an average home bought in June compared to May rose by $69.
The income required to carry a $387,800 mortgage is just under $90,000 ($89,910). That compares to the $86,450 salary required for the same home valued at $378,300 just a month earlier.
