{"id":10825,"date":"2018-11-14T11:11:58","date_gmt":"2018-11-14T19:11:58","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=10825"},"modified":"2018-11-08T08:14:25","modified_gmt":"2018-11-08T16:14:25","slug":"higher-mortgage-rates-are-effecting-the-canadian-housing-affordability","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/11\/higher-mortgage-rates-are-effecting-the-canadian-housing-affordability\/","title":{"rendered":"Higher Mortgage Rates are Effecting The Canadian Housing Affordability"},"content":{"rendered":"<p style=\"text-align: justify;\">The Bank of Canada has been hiking interest rates all year, and Canada\u2019s big banks have been raising mortgage rates accordingly. The result? A nationwide deterioration in housing affordability, according to a new report from Desjardins.<\/p>\n<p style=\"text-align: justify;\">The growth of the average property sale price in the majority of Canadian metropolitan areas increased in the third quarter of 2018, outpacing the average household after-tax income.<\/p>\n<p style=\"text-align: justify;\">\u201cThis tightening of access to property is due to stricter conditions for obtaining a mortgage, while mortgage rates have been rising for several months,\u201d reads the Desjardins report. \u201cThe capacity of households to buy a home has therefore dropped across Canada.\u201d<\/p>\n<p style=\"text-align: justify;\">The report notes that affordability levels remain below their historical average, meaning that buying a home was more difficult in Q3 2018 than it was on average over the last 20 years.<\/p>\n<p style=\"text-align: justify;\">The story is worse for some markets than others. Quebec has seen affordability deteriorate, as strong immigration numbers and a hot job market draw more buyers to the region.<\/p>\n<p style=\"text-align: justify;\">\u201cAccessibility [in the province] deteriorated the most in Sherbrooke,\u201d reads the report. \u201cThis was the result of a sustained rise in the average home sale price while average household after-tax income stagnated. In Montreal, the shrinking [affordability index] was primarily due to a drop in average household after-tax income.\u201d<\/p>\n<p style=\"text-align: justify;\">The report names Toronto and London as two other major metro areas that saw affordability deteriorate last quarter, as home prices rose. Calgary also suffered a drop in affordability, due to higher costs for taking possession of a home, including property taxes and utilities.<\/p>\n<p style=\"text-align: justify;\">But it wasn\u2019t all bad news \u2014 access to property improved in Vancouver, where household after-tax income grew by 2.7 percent, outpacing a 0.9 percent rise in the average home sale price.<\/p>\n<p><a href=\"https:\/\/www.livabl.com\/2018\/11\/higher-mortgage-rates-taking-bite-canadian-housing-affordability.html\" target=\"_blank\" rel=\"noopener\">Higher Mortgage Rates are Taking A Bite Out of Canadian Housing Affordability<\/a> by Sarah Niedoba | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Bank of Canada has been hiking interest rates all year, and Canada\u2019s big banks have been raising mortgage rates accordingly. The result? A nationwide deterioration in housing affordability, according &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/11\/higher-mortgage-rates-are-effecting-the-canadian-housing-affordability\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-10825","post","type-post","status-publish","format-standard","hentry","category-mortgage"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Higher Mortgage Rates are Effecting The Canadian Housing Affordability &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2018\/11\/higher-mortgage-rates-are-effecting-the-canadian-housing-affordability\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Higher Mortgage Rates are Effecting The Canadian Housing Affordability &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The Bank of Canada has been hiking interest rates all year, and Canada\u2019s big banks have been raising mortgage rates accordingly. 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