RBC: IT'S GETTING MUCH HARDER TO OWN A HOME

Sep 28, 2018

By Michael Kramer

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Some unsettling news from an RBC report – which says the cost of owning a home in Canada has reached its worst level in 28 years – and is bound to deteriorate even further.

The report says the share of income a household would need to cover ownership costs – hit 53.9 per cent – in the second quarter of 2018.

Bank economists say affordability is being dragged down by the Toronto, Vancouver and Victoria markets – where affordability has hit ranges from just over 88 per cent to 65 per cent.

The report’s authors say rising interest and mortgage rates share much of the blame – but they expect increases in household income will soften the blow for buyers.

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