For the third straight quarter, home ownership costs in Canada have increased, says a report released earlier today by RBC Economics Research. The only exception to this is Alberta, where housing affordability improved.
The detached bungalow benchmark measure rose 0.9% to 41.1%. The standard townhouse rose 0.4% to 33%. The standard condominium rose 0.5% to 28.2%. The standard two-storey home rose 0.6% to 46.8%.
The RBC Home Affordability measure is based on the cost of mortgage payments, utilities and property taxes. The higher the reading, the more costly it is to afford a home. For example, an affordability reading of 50% means that home ownership costs take up 50% of a typical household’s monthly pre-tax income.