Owning a home \u0027huge, if not impossible\u0027 stretch for middle\u002Dincome households in these cities, says RBC study. \u000D\u000AFind out more
The bad news is challenges ahead could stall or even reverse these slight gains in affordability.First the housing market has rebounded much faster than expected. RBC economists had thought it would take until the fall for prices to rise, but increased demand and low inventories have tightened conditions much faster than forecast.for the third month in a row and the 3.2 per cent gain was the biggest since the market peaked in February 2022.also complicates matters. The Bank raised its rate to 4.
“Big picture, owning a home is still a huge stretch for middle-income households in Vancouver, Victoria and Toronto, and Montreal, Ottawa and Halifax to a lesser degree.”, a middle-income household needs to devote a staggering 96.1 per cent of their pay to the costs of home ownership, even though affordability here improved by 2.7 percentage points in the first quarter.In Toronto
, a two percentage point decline in the measure shaved off less than a tenth of the increase over the past two years, and at 79 per cent the city is “still deep in crisis territory.” RBC expects affordability to continue to improve but slowly. Based on its forecasts, it predicts the measure will fall 5 percentage points nationally over the coming year, a small fraction of the record 20-point increase since the middle of 2020.
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