Canadian homes now more affordable

Houses have become “slightly” more affordable for the average Canadian but they will have to think small.
According to RBC’s latest Housing Trends and Affordability report, household incomes outpaced a modest rise in mortgage carrying costs associated with a buying a home in the fourth quarter of 2012.

"When you look at Canada's year-on-year affordability trend, 2013 was little changed from 2012, and even from 2011 or 2010, for that matter,” says Craig Wright, senior vice-president and chief economist with RBC. “That being said, this stationary trend also means that a divergence still exists - owning a detached home at market value is more of a stretch for homebuyers than owning a condo."

RBC says they expect home resales to rise 0.6 per cent to 461,000 units in 2014, keeping Canada’s housing market near its recent “not-too-hot and not-too-cold levels.”

Regionally, it was a mixed bag of results. While conditions have improved in B.C., housing affordability remains “relatively poor” while a surge in new listings in Manitoba has allowed greater affordability. Ontario remains unchanged while houses have become more in reach in Alberta.

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