Mortgage payments for an average home now surpass 50 percent of median after-tax income in more than 60 percent of major Canadian cities, and are more than 100 percent in Vancouver and Toronto, a new study suggests.
A Vancouver family earning the local median income now has to spend more than 112 percent of after-tax earnings on a monthly mortgage payment to buy a typical home, slightly more than 2 percent above the Toronto average of 110 percent, according to a recently released report from the Fraser Institute.
