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July 7th - 2006

Housing affordability declines slightly

ntario's housing market witnessed a mild drop in affordability across all classes, according to a recent report by RBC Economics.

Ontario's housing market witnessed a mild drop in affordability across all classes, according to a recent report by RBC Economics. RBC’s Housing Affordability Index, which measures the proportion of pre-tax household income needed to service the costs of owning a home, deteriorated for the benchmark detached bungalow in Ontario to 36.4 per cent. A standard two-storey home in the province now requires about 41.8 per cent of household income and a standard townhouse absorbs about 29.7 per cent.

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