Housing affordability declined in first quarter

Homes in Canada have become less affordable so far this year.

A report from the Desjardins Group showed that in the first quarter of this year 12 of the 18 cities measured by its index are less affordable than they have been historically.

The figures show that the high cost of homes in Toronto is spreading out to nearby cities with St Catharines switching from being six per cent more affordable than its average in the third quarter of 2014 to 5.2 per cent less affordable than average in the first three months of this year.

On the flip side, some of the most unaffordable cities are becoming more affordable, including Calgary
 

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