April 6th - 2003

Ontario's escalating housing prices boost cost of home ownership

Rising house prices coupled with higher mortgage rates will likely cause housing affordability in Ontario to deteriorate further over 2003

Rising house prices coupled with higher mortgage rates will likely cause housing affordability in Ontario to deteriorate further over 2003, according to the new Housing Affordability Index released by RBC Economics. The index -- which measures the proportion of pre-tax household income needed to service the costs of owning a home – notes housing affordability for Ontario was 30.5 per cent in the fourth quarter of 2002, from 29.4 per cent during the same quarter in 2001. This translates into a monthly payment of $1,382 for an average detached bungalow (principal, interest, tax and utilities), five per cent higher than the same period last year. The national average is $1,248.

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Ontario Real Estate Association

Jean-Adrien Delicano

Senior Manager, Media Relations

JeanAdrienD@orea.com

416-445-9910 ext. 246

Ontario Real Estate Association
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