It recently got a tiny bit more affordable to own a home in Canada — but according to RBC economists, the affordability crisis is still raging in many parts of Canada.
, published in late June, found that the bank’s affordability measure for ownership costs fell in the first quarter of 2023 for the first time in nearly three years.
It’s not exactly a steep decline — but after climbing consistently since the start of 2020, any easing of the burden of ownership costs likely comes as a welcome respite for many.“The policy shift helped stabilize mortgage rates, allowing the price correction to lower ownership costs associated with a home purchase in the first quarter of 2023,” RBC economist Robert Hogue wrote in the report.
While prices have fallen in the housing market itself, the demand-supply equation has made it hard for many to find a home, with more on the market than ever before and not enough properties up for grabs, according to the report.The report included a breakdown of some of the most active cities in terms of the housing market.
There’s a similar story playing out in Toronto. Over the past two years, the city has seen a 10 per cent increase in RBC’s affordability measure, which the two percentage point decline in the last quarter has only started to reverse. Owning a home in Toronto still takes nearly 80 per cent of a family’s median household income, putting the situation “still deep in crisis territory.”
Regina is currently the most affordable market in Western Canada, scoring 28.4 per cent on RBC’s scale.
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