Minimum income needed to buy a Canadian home lowered in July

Buying a home in Canada became slightly easier in July, according to a new report that cites dropping mortgage rates and lowering average home prices. The minimum income required to purchase a home dipped last month across the 13 major cities studied by Ratehub.ca, according to their recent blog post.Based on average home prices in each area, average mortgage rates and the "stress test" required in Canada to qualify for a mortgage loan at a bank, Ratehub calculated the minimum income a buyer wou