Close X
Saturday, November 30, 2024
ADVT 
National

Avg home price 67% higher than affordable level

Darpan News Desk The Canadian Press, 29 Sep, 2022 10:04 AM
  • Avg home price 67% higher than affordable level

OTTAWA - The parliamentary budget officer says the national average price of a home in February was more than 50 per cent higher than it was two years prior.

A new report says the average home price reached a peak of $839,600 in February 2022, up 52 per cent from $551,100 in February 2020.

Since then, however, prices have declined by seven per cent, down to $777,200 in August.

Using a methodology developed by the IMF that examines household borrowing capacity and the ability to purchase a home in select Canadian cities, the PBO says the average price of a house in August was 67 per cent higher than what is considered affordable.

Budget officer Yves Giroux attributes the increase in the gap between the average home price and what the average household could afford to higher mortgage rates.

According to scenarios constructed by the PBO, home prices will decline by 12 to 23 per cent by the end of the year from the peak reached earlier this year.

MORE National ARTICLES

Flood risk rises near Kelowna as B.C. rain returns

Flood risk rises near Kelowna as B.C. rain returns
Thundershowers and downpours are forecast across the southern Interior and Kootenay regions, but the centre says river level estimates are challenging because the location and intensity of rainfall is hard to predict.    

Flood risk rises near Kelowna as B.C. rain returns

Surrey RCMP need public's help in finding missing 20 year old woman Simranjit Kaur

Surrey RCMP need public's help in finding missing 20 year old woman Simranjit Kaur
Simranjit Kaur is described as, 5’5”, 180 lbs, with long black hair and dark eyes. She was last seen wearing black leggings, a black long sleeved shirt, black Adidas runners and carrying a black purse. Police and family are concerned for her health and well-being.

Surrey RCMP need public's help in finding missing 20 year old woman Simranjit Kaur

Mechanical issues slow BC Ferries service

Mechanical issues slow BC Ferries service
A travel advisory posted on BC Ferries' website says a total of eight sailings out of either Departure or Horseshoe Bay are cancelled Thursday, but other sailings from both terminals will continue.

Mechanical issues slow BC Ferries service

Vancouver Police are investigating report of a man throwing a glass bottle at a baby in a stroller

Vancouver Police are investigating report of a man throwing a glass bottle at a baby in a stroller
Police received a report of a man throwing a glass bottle at the baby on June 27 around 4:30 p.m., at the intersection of Davie and Bidwell. The caller indicated the bottle didn’t hit the baby, but the contents were splashed on both the baby and the adults who were with him.

Vancouver Police are investigating report of a man throwing a glass bottle at a baby in a stroller

IHIT called to Port Coquitlam shooting

IHIT called to Port Coquitlam shooting
One person is confirmed deceased. Shooting appears to be targeted.

IHIT called to Port Coquitlam shooting

Omicron cousin BA.5 expected to dominate summer

Omicron cousin BA.5 expected to dominate summer
Modelling expert Sarah Otto of the Coronavirus Variants Rapid Response Network says the fast-spreading subvariant is on track to dominate infections across the country.  The University of British Columbia professor predicted a July wave, peaking in August.

Omicron cousin BA.5 expected to dominate summer