At last, homeownership is within the grasp of some Canadians but their choices may be somewhat limited.
Houses have become “slightly” more affordable for the average Canadian but they will have to think small.
According to RBC’s latest Housing Trends and Affordability report, household incomes outpaced a modest rise in mortgage carrying costs associated with a buying a home in the fourth quarter of 2012.
"When you look at Canada's year-on-year affordability trend, 2013 was little changed from 2012, and even from 2011 or 2010, for that matter,” says Craig Wright, senior vice-president and chief economist with RBC.
“That being said, this stationary trend also means that a divergence still exists - owning a detached home at market value is more of a stretch for homebuyers than owning a condo."
RBC says they expect home resales to rise 0.6 per cent to 461,000 units in 2014, keeping Canada’s housing market near its recent “not-too-hot and not-too-cold levels.”
Regionally, it was a mixed bag of results. While conditions have improved in B.C., housing affordability remains “relatively poor” while a surge in new listings in Manitoba has allowed greater affordability. Ontario remains unchanged while houses have become more in reach in Alberta.
Written by Jamie Henry
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- Jackie Goodlet, Broker
- GTA, Ontario, Canada
- A New Sales Record Has Been Achieved By The Jackie Goodlet Team Who Work Out Of The Whitby Office And Specializes In High End Resale And New Home Sales. According To Broker Dave Pearce The Jackie Goodlet Team Wrote More Transactions Than Anyone Else In The 30 Year History Of Our Firm. Their 255 Transactions Had A Total Volume Of More Than $185,000,000 (185 Million). With Over 25 Years Experience In The Business The Jackie Goodlet Team Has Acquired A Wealth Of Knowledge In All Areas Of Real Estate Including Resale, New Builds, Cottages, Lease, Condos, Vacant Land, Investment And Commercial Properties. With Exceptional Negotiating Skills We Are Confident We Can Save You Time And Money On All Your Real Estate Endeavours. We Look Forward To Hearing From You And Your Referrals Are Always Welcome And Rewarded!
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