{"id":12155,"date":"2019-04-15T10:10:47","date_gmt":"2019-04-15T17:10:47","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=12155"},"modified":"2019-04-15T07:39:05","modified_gmt":"2019-04-15T14:39:05","slug":"housing-affordability-has-improved-for-the-first-time-in-3-years","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/04\/housing-affordability-has-improved-for-the-first-time-in-3-years\/","title":{"rendered":"Housing Affordability Has Improved for The First Time in 3 Years"},"content":{"rendered":"<p style=\"text-align: justify;\">The last three months of 2018 finally brought some improvement to housing affordability across Canada.<\/p>\n<p style=\"text-align: justify;\">After more than three years of declining affordability, RBC Economics says its measure shows widespread improvement; although first-time buyers in the hottest markets are still facing a significant struggle.<\/p>\n<p style=\"text-align: justify;\">In its Housing Trends and Economic Report, RBC\u2019s aggregate housing affordability measure reduced by 0.7 percentage points to 51.9% last quarter (measured as a share of household income).<\/p>\n<p style=\"text-align: justify;\">But in the three most expensive markets there is still a crisis with Toronto, Vancouver, and Victoria showing little improvement in affordability for most buyers.<\/p>\n<p style=\"text-align: justify;\">Vancouver\u2019s affordability crisis endures despite being in \u201cfull-blown correction mode. RBC says that even with the slump in sales, high prices means homeownership still requires an eyewatering 84.7% of household income.<\/p>\n<p style=\"text-align: justify;\">Cooling market conditions in Toronto has taken a bite out of sales but RBC expects prices to be flat over the next two years; that won\u2019t help the well-above-average affordability measure of 66.1%.<\/p>\n<p style=\"text-align: justify;\">Montreal\u2019s housing market is heating up but prices are rising at a steady pace.<\/p>\n<p style=\"text-align: justify;\">The area\u2019s affordability measure is some way below the two hottest markets and below the national average, but at 44.5% it is near a decade high.<\/p>\n<p style=\"text-align: justify;\"><strong>Condos no longer the affordable alternative<\/strong><\/p>\n<p>The traditional option of a condo as a cheaper alternative to a single-family detached home is less attractive in the hottest cities.<\/p>\n<p style=\"text-align: justify;\">RBC says that demand for condos has driven prices higher and their affordability measure has increased (become less affordable) by far more than single-family homes (2.9% vs. 0.9%) over the past year.<\/p>\n<p style=\"text-align: justify;\">Buyers of an average condo in Vancouver, Toronto, Victoria, and Montreal pay a premium of more than $900 per month relative to renting a two-bedroom apartment, a figure that has ballooned in the past three years.<\/p>\n<p style=\"text-align: justify;\">Buying a condo is a bigger step up from renting than it&#8217;s ever been in these cities.<\/p>\n<p style=\"text-align: justify;\"><strong>Interest rate outlook<\/strong><\/p>\n<p style=\"text-align: justify;\">RBC Economics is not expecting rates to rise anytime soon but does forecast a continuation of the strong labour market, helping boost household income.<\/p>\n<p style=\"text-align: justify;\">&#8220;We have lowered our profile for future interest rates in light of disappointing economic developments since the late stages of 2018,&#8221; said Craig Wright, Senior Vice-President and Chief Economist, RBC. &#8220;Furthermore, we also see very little scope for home prices to increase nationally this year.&#8221;<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.canadianrealestatemagazine.ca\/news\/rbc-housing-affordability-has-improved-for-the-first-time-in-3-years-255952.aspx\" target=\"_blank\" rel=\"noopener noreferrer\">RBC : Housing Affordability Has Improved for The First Time in 3 Years<\/a> by Steve Randall | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The last three months of 2018 finally brought some improvement to housing affordability across Canada. After more than three years of declining affordability, RBC Economics says its measure shows widespread &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/04\/housing-affordability-has-improved-for-the-first-time-in-3-years\/\">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":[13],"tags":[],"class_list":["post-12155","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Housing Affordability Has Improved for The First Time in 3 Years &#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\/2019\/04\/housing-affordability-has-improved-for-the-first-time-in-3-years\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Housing Affordability Has Improved for The First Time in 3 Years &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The last three months of 2018 finally brought some improvement to housing affordability across Canada. 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