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Here’s how much you need to earn to afford a home in Canada’s major cities

The income Canadians need to afford a home fell between August and September across all major housing markets except one, according to Ratehub’s latest affordability report.

Ratehub, an online financial comparison platform, ranked 13 of Canada’s cities according to housing affordability by calculating the minimum annual income needed to buy an average home with a 10 per cent down payment, a 25-year amortization, $4,000 in annual property taxes and a monthly heating bill of $150.

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