{"id":8756,"date":"2018-04-11T10:10:45","date_gmt":"2018-04-11T17:10:45","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=8756"},"modified":"2018-04-06T11:31:26","modified_gmt":"2018-04-06T18:31:26","slug":"canadian-housing-affordability-is-finally-improving-for-the-first-time-in-2-years","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/04\/canadian-housing-affordability-is-finally-improving-for-the-first-time-in-2-years\/","title":{"rendered":"Canadian Housing Affordability is Finally Improving for the First Time in 2 Years"},"content":{"rendered":"<p style=\"text-align: justify;\">Canadian home buyers rejoice \u2014 according to a new report from RBC, the housing market is more affordable now than it has been in years.<\/p>\n<p style=\"text-align: justify;\">The bank\u2019s national housing affordability measure fell by 0.2% in the last quarter of 2017 to 48.3%, the lowest level in two years. The number is calculated by measuring the share of household income that would be required to carry the costs of owning a home at market price.<\/p>\n<p style=\"text-align: justify;\">But the good news may be short lived, as the effects of recent policy, such as the Ontario government\u2019s Fair Housing Plan, begin to fade. Toronto\u2019s affordability measure currently sits at 75.1%, having dropped 2.3% in the last quarter.<\/p>\n<p style=\"text-align: justify;\">\u201cWe expect the relief to Toronto ownership costs that ensued from the introduction of Ontario\u2019s Fair Housing Plan to be short-lived,\u201d writes RBC chief economist Craig Wright, in a statement. \u201cOur view is that Toronto prices will bottom out sometime this spring.\u201d<\/p>\n<p style=\"text-align: justify;\">One thing that could worsen affordability in coming months? Rising interest rates. The Bank of Canada hiked the overnight rate to 1.25% in January, and is widely expected to do so again before the end of the year.<\/p>\n<p style=\"text-align: justify;\">\u201cWe expect further interest rate hikes through the remainder of this year, which has the potential to stress housing affordability markedly in Canada,\u201d writes Wright.<\/p>\n<p style=\"text-align: justify;\">As for BC, homeownership still seems out of reach for many would-be buyers, as Vancouver\u2019s affordability measure increased by 1.8% to 85.2% last quarter.<\/p>\n<p style=\"text-align: justify;\">\u201cUnfortunately, Vancouver homebuyers are being challenged by the worst affordability levels ever recorded in Canada,\u201d writes Wright. \u201cThe costs of owning a home at today\u2019s prices would have represented an astounding 85.2% of a typical household\u2019s income in the fourth quarter.\u201d<\/p>\n<p style=\"text-align: justify;\">He adds that, in the current climate, it\u2019s understandable that the BC government took further steps to address affordability last month.<\/p>\n<p style=\"text-align: justify;\">\u201cIn this context, it\u2019s unsurprising that the BC government announced further housing policy initiatives to cool the market in its 2018 budget,\u201d he writes.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2018\/04\/bank-says-canadian-housing-affordability-finally-improving-first-time-2-years.html\" target=\"_blank\" rel=\"noopener\">This Bank Says That Canadian Housing Affordability is Finally Improving for the First Time in 2 Years<\/a> by Sarah Niedoba | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canadian home buyers rejoice \u2014 according to a new report from RBC, the housing market is more affordable now than it has been in years. The bank\u2019s national housing affordability &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/04\/canadian-housing-affordability-is-finally-improving-for-the-first-time-in-2-years\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-8756","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Canadian Housing Affordability is Finally Improving for the First Time in 2 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\/2018\/04\/canadian-housing-affordability-is-finally-improving-for-the-first-time-in-2-years\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Canadian Housing Affordability is Finally Improving for the First Time in 2 Years &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Canadian home buyers rejoice \u2014 according to a new report from RBC, the housing market is more affordable now than it has been in years. 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