Home ownership costs remain sky high in Vancouver: RBC report
TORONTO — The latest report on housing trends and affordability from RBC Economics Research says owning a home in Canada is less affordable now than at any time in nearly eight years.
The report shows that a dip in home resale activity could not stop further declines in affordability in all markets across Canada during the third quarter of 2016, with the average affordability measure set at 44.3 per cent.
The measure shows the proportion of pre-tax household income that would be required to service the cost of mortgage payments, property taxes and utilities based on the average market price of single-family detached homes and apartments.
The RBC report also shows that for the first time in almost two years, Greater Toronto pushed the Vancouver area from top spot as the city with the most significant erosion in affordability.