Home affordability improves, but still challenging for many Canadians: RBC report
TORONTO — A new report from RBC Economics says home affordability in Canada is improving, though strains remain.
The report says home ownership costs have eased for three consecutive quarters in Canada.
But RBC says home ownership costs as a percentage of median household income remain close to worst-ever levels, at 58.4 per cent in the third quarter of 2024
The share of income a median Canadian household would need to cover mortgage payments, property taxes and utilities hit an all-time high of 63.8 per cent in the fourth quarter of 2023.
The report says in the third quarter of 2024, Vancouver, Victoria and Toronto saw the largest gains in home affordability when compared with other Canadian markets
RBC says it expects further relief in 2025, thanks to anticipated rate cuts by the Bank of Canada and growing household incomes.
This report by The Canadian Press was first published Dec. 20, 2024.
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