Hi All,
RBC Economic's Department has just released its second quarter update for housing affordability in Canada.
It is interesting to note that in general housing affordability is close to historical norms, but in BC figures continue to be skewed by Vancouver.
Here are the details of the report below.
Continued gains in home prices and a slight increase in mortgage rates hurt housing affordability in Canada in the second quarter of this year although not enough to cause undue strain in the majority markets across the country. By and large, the share of household budget taken up by the costs of owning a home at current market values remains close to historical norm; however, extremely poor and rapidly eroding affordability in the Vancouver-area market is somewhat skewing the national picture.
To read the full report please go to -: http://www.rbc.com/economics/market/pdf/house.pdf
Kind regards
Trish Cenci
Tel 250 864 1707
