Home ownership costs increase — again - MoneySense

Home ownership costs increase — again

Owning a home is getting even more expensive.

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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.

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