Income required to buy a home in Vancouver keeps increasing even as prices drop

Home values in major Canadian cities have decreased, making them less affordable due to higher stress test requirements and increased interest rates. According to Ratehub's latest housing report, the average price of homes in Vancouver has dropped by $5,100 and the income required to qualify for a mortgage increased by $3,900; Toronto saw the largest decrease with an average drop of $14,000, but still buyers need to make an extra $1,800 per year to qualify.