{"id":11292,"date":"2018-12-22T11:11:12","date_gmt":"2018-12-22T19:11:12","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=11292"},"modified":"2018-12-21T16:41:29","modified_gmt":"2018-12-22T00:41:29","slug":"so-is-it-now-only-rich-canadians-who-can-afford-a-home","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/12\/so-is-it-now-only-rich-canadians-who-can-afford-a-home\/","title":{"rendered":"So Is It Now Only Rich Canadians Who Can Afford A Home?"},"content":{"rendered":"<p style=\"text-align: justify;\">&#8220;No wonder so many buyers fear that their ownership dream is slipping away in those markets.&#8221;<\/p>\n<p style=\"text-align: justify;\">\u201cThat certainly looks like it in Canada\u2019s most expensive markets. Buyers in Vancouver, Toronto and Victoria needed between two and three times the median household income to qualify to purchase an average home,\u201d RBC economists Craig Wright and Robert Hogue wrote in the bank\u2019s latest Housing Trends and Affordability report released December 21.<\/p>\n<p style=\"text-align: justify;\">\u201cIn Vancouver, for example, the income necessary to cover ownership costs and clear the mortgage stress test was $211,000 in the third quarter.\u201d<\/p>\n<p style=\"text-align: justify;\">The report found that despite what some first-time homebuyers would consider a jaw-dropping household income, housing affordability eased up somewhat in Metro Vancouver during the third quarter.<\/p>\n<p style=\"text-align: justify;\">RBC\u2019s affordability measure fell 1.7 percentage points annually to 86.9%.<\/p>\n<p style=\"text-align: justify;\">The measure calculates the proportion of median pre-tax household income required to cover the cost of mortgage payments, property taxes and utilities based on the average market price for single-family detached homes and condos.<\/p>\n<p style=\"text-align: justify;\">For comparison, Calgary\u2019s measure came in at 43.4% \u2014 down 0.2 percentage points from a year earlier.<\/p>\n<p style=\"text-align: justify;\">Victoria, however, was the least affordable region in Canada after Vancouver at No. 1 and Toronto (75.3%) at No. 2.<\/p>\n<p style=\"text-align: justify;\">The provincial capital saw its measure fall 0.1 percentage points in the third quarter to reach 65.3%.<\/p>\n<p style=\"text-align: justify;\">\u201cWhat\u2019s perhaps more troublesome is the extent to which the qualifying income increased over the past three years,\u201d the report authors said.<\/p>\n<p style=\"text-align: justify;\">\u201cIn Vancouver, it surged by $84,000 (or 66%), whereas it rose by $64,000 in Toronto and $68,000 in Victoria. No wonder so many buyers fear that their ownership dream is slipping away in those markets.\u201d<\/p>\n<p style=\"text-align: justify;\">RBC also doesn\u2019t expect affordability to improve in the New Year.<\/p>\n<p style=\"text-align: justify;\">The report concluded further interest-rate hikes expected in 2019 will keep upward pressure on ownership costs.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/biv.com\/article\/2018\/12\/make-less-211k-good-luck-buying-home-vancouver-says-rbc\">RBC : Make Less Than $211K? Good Luck Buying A Home in Vancouver<\/a> by Tyler Orton | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;No wonder so many buyers fear that their ownership dream is slipping away in those markets.&#8221; \u201cThat certainly looks like it in Canada\u2019s most expensive markets. Buyers in Vancouver, Toronto &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/12\/so-is-it-now-only-rich-canadians-who-can-afford-a-home\/\">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-11292","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>So Is It Now Only Rich Canadians Who Can Afford A Home? &#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\/12\/so-is-it-now-only-rich-canadians-who-can-afford-a-home\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"So Is It Now Only Rich Canadians Who Can Afford A Home? &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"&#8220;No wonder so many buyers fear that their ownership dream is slipping away in those markets.&#8221; \u201cThat certainly looks like it in Canada\u2019s most expensive markets. 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