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Real Estate

Homes in Canada Have Never Been So Unaffordable, RBC Says

  • Rates push ownership costs to 60% of median household income
  • Prices have dipped but are still 44% higher than in 2019
Bloomberg business news
Canada Has a Housing Affordability Crisis: RBC

It’s never been harder for Canadians to buy a home, as soaring mortgage costs have more than offset the benefits of lower prices, according to Royal Bank of Canada.

Higher interest rates imposed by the Bank of Canada this year have pushed the cost of home ownership to record levels compared to the median household income, RBC economists said in a report Thursday. That means total ownership costs, including mortgage payments, now soak up 60% of a typical household’s income, higher than the previous record of 57% reached in April 1990.