Its measure of affordability rose by 1.2 per cent to 42.8 per cent, the largest increase for 6 years with single-detached homes leading the gains.
“Signs of cooling resale activity have emerged in Vancouver and more tentatively in Toronto and we believe the blistering pace of property appreciation in both markets may slow by year end,” said Craig Wright, RBC chief economist. “This likely won’t help affordability in the near-term because of demand-supply tightness in the two markets at the present time, but some relief could arrive late this year or early in 2017.”
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Housing affordability nationally is “close to historical norms” according to RBC’s latest Housing Trends and Affordability Report.