25 Feb 2011

Housing affordability on the increase throughout Canada

On the heels of an Economist magazine survey revealing the Greater Toronto area to be among the most liveable cities in the world, it’s also becoming more affordable.

Not only is the Greater Toronto area replete with cheap storage units, but according to a recently released report from the Royal Bank of Canada, housing affordability increased in the fourth quarter in almost every housing category. The RBC says the only exception was among two-story homes, which became “marginally less affordable.”

Countrywide, the RBC says cost for homes is down considerably, thanks largely to five-year fixed mortgage rates declining.

“Some of the stress that had been building in the housing market between 2009 and the first half of 2010 has been relieved,” said Robert Hogue, senior economist for RBC.

Hogue went on to temper people’s optimism, saying “affordability is likely to be short-lived” but that it shouldn’t affect the housing market much because household income is increasing.

According to Statistics Canada, median total income across the country has steadily increased since 2004. According to the latest numbers available, the median income in Ontario is $70,910. 

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