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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com

3 July 2019

Housing affordability showed improvements in Q1

A new report by RBC says Canada improved housing affordability in Q1 of this year for the second quarter in a row. Higher household income drove the affordability, while modest prices were down in Atlantic and Western Canada.

According to the report, such affordability improvement was partially caused by the previous policy changes, which reduced home values in various Canadian markets.

While Toronto and Vancouver remain out of reach for ordinary Canadian households, RBC Senior Economist, Robert Hogue, says policy makers should be glad as we can see the overall progress across the country.

“There are a lot of families who can afford a home in Canada’s most affordable markets: Saint John, St. John’s, Regina, Québec City and Halifax,” – noted Hogue. “Nevertheless, only one in eight families show a high enough income to afford a property in the Vancouver area. In case of the Toronto area and Victoria, it’s one in five.”

RBC’s national aggregate affordability measure, based on the share of a household income, fell by 0.3% to 51.4% in Q1.

In RBC’s opinion, as interest rate hikes are not expected any time soon, Canada’s overall housing affordability may see a slight improvement in the nearest future.

According to RBC, as Toronto’s real estate market keeps recovering, any improvement may be gradual.

The income level for home ownership is still too high in Toronto. RBC’s aggregate measure here reached 66% in Q1, and as prices are moving towards modest increase the bank doesn’t predict significant improvements any time soon.



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