The income required to buy a new home in Ottawa increased in February, according to a new report by ratehub.com.

The report notes that residents in the capital should be making $129,320 per year – as of February, 2024 – to qualify for a mortgage to purchase the average priced home. The income needed to prequalify has risen by $480 from January to February.

The average price of a home in Ottawa was $621,600 in January and $628,500 in February – an increase of $6,900, reads the report.