It has never been so unaffordable to own a home in Canada.
Rising ownership costs, including high mortgage rates and home prices, pushed RBC’s national aggregate housing affordability measure up 2.8% in Q3, to 62.5%.
The increase, which is outlined in a new report from Robert Hogue, Assistant Chief Economist at RBC, follows two consecutive quarters of decline, and has propelled the measure above the previous all-time high of 61.2% that was reached in Q3 2022.
WARMINGTON: Tent city in same neighbourhood as million dollar condos
No rent, no mortgage, no property taxes, no rules in Clarence Square Park homeless encampment
A walk through Clarence Square Park on Spadina — but a warning, it isn’t pretty. pic.twitter.com/ozBR6z3i51
— Joe Warmington (@joe_warmington) December 28, 2023
