A greater share of Canadians are barred from home ownership as affordability hits near-worst levels for most markets amid soaring prices and interest rates, according to a recent RBC report.
The significant loss of affordability during the pandemic has shrunk the pool of homebuyers in Canada, said Robert Hogue, RBC economist and report author. In 2019, close to 60 per cent of all households could afford to own at least a condo apartment based on their income. That share has plummeted to 45 per cent in 2023. And just 26 per cent can afford a single-family home, down from 40 per cent four years ago.
