How much do you need to earn to buy a home? [Video]

The average income needed to buy a home keeps inching down in cities across Canada, according to the latest data.

Mortgage rates continue to decrease, and in a lot of cities across Canada, real estate prices have also been easing over the past few months.

That means, according to calculations made by Ratehub.ca, the salary needed to purchase a home in Canada has gone down again in October.

The calculation takes into account average home prices in each city as well as the requirements for qualifying for a mortgage at a bank.

Income requirements dropped in most markets, coming down by more than $4,000 in Vancouver, Toronto and Hamilton, Ont.

Of the major cities studied, only Fredericton went up due to its $16,100 month-over-month increase in average home price.

Home prices in most major cities eased or were relatively flat, with the exceptions of Fredericton and Victoria.

The salary needed to buy an average home in Vancouver …