{"id":1106,"date":"2016-02-29T09:35:18","date_gmt":"2016-02-29T17:35:18","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=1106"},"modified":"2016-02-29T09:35:27","modified_gmt":"2016-02-29T17:35:27","slug":"home-ownership-still-affordable-just-not-for-detached-homes-in-vancouver-or-toronto","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/02\/home-ownership-still-affordable-just-not-for-detached-homes-in-vancouver-or-toronto\/","title":{"rendered":"Home Ownership Still Affordable \u2014 Just Not for Detached Homes in Vancouver or Toronto"},"content":{"rendered":"

A new study from Royal Bank of Canada says it has never been so unaffordable to own a single detached home in Vancouver, and Toronto housing is seen as becoming rapidly unaffordable.<\/p>\n

\u201cThe significant rise in homeownership costs in Vancouver and Toronto had a dominant influence on Canada-wide affordability measures in the fourth quarter of 2015,\u201d said Craig Wright, chief economist with RBC, in a statement. \u201cWhile prices continue to escalate in Vancouver and Toronto markets, there are few signs that housing affordability is problematic elsewhere in Canada. Homes in other markets remain affordable with the situation either improving or remaining fairly stable.\u201d<\/p>\n

RBC emphasized that in Vancouver and Toronto condominium apartments are still \u201cwithin reach\u201d for many households.<\/p>\n

The bank produces an affordability measure designed to capture the proportion of pre-tax household income needed to service the cost of owning a specific category of home at current market value. The higher the percentage, the more affordability has been eroded. Home ownership costs included in the measure are such expenses as mortgage payments, utilities and property taxes.<\/p>\n

Across all types of housing in Canada, affordability was up 0.6 percentage points in fourth quarter, rising to 46.7% \u2014 the highest level in more than five years. For single detached homes it rose 0.6 percentage points to 51.3%.<\/p>\n

In the Vancouver area, using the RBC measure, 109% of pre-tax household income for the median income family was needed to buy a standard detached home.<\/p>\n

\u201cThis implies that only a select few wealthy households can afford to own such properties at market prices. Condo apartments, on the other hand, remain comparatively more affordable \u2014 with a measure of 44.1 \u2014 and, therefore, cater to a broader base of local (buyers),\u201d the report says.<\/p>\n

Home Ownership Still Affordable \u2014 Just Not for Detached Homes in Vancouver or Toronto<\/a> by Garry Marr | Financial Post<\/p>\n","protected":false},"excerpt":{"rendered":"

A new study from Royal Bank of Canada says it has never been so unaffordable to own a single detached home in Vancouver, and Toronto housing is seen as becoming … [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":[8],"tags":[],"class_list":["post-1106","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"\nHome Ownership Still Affordable \u2014 Just Not for Detached Homes in Vancouver or Toronto • 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\/2016\/02\/home-ownership-still-affordable-just-not-for-detached-homes-in-vancouver-or-toronto\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" 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