Close X
Monday, November 11, 2024
ADVT 
National

Home Ownership Costs Remain Sky High In Vancouver

The Canadian Press, 22 Dec, 2016 12:37 PM
    TORONTO — The latest report on housing trends and affordability from RBC Economics Research says owning a home in Canada is less affordable now than at any time in nearly eight years.
     
    The report shows that a dip in home resale activity could not stop further declines in affordability in all markets across Canada during the third quarter of 2016, with the average affordability measure set at 44.3 per cent.
     
    The measure shows the proportion of pre-tax household income that would be required to service the cost of mortgage payments, property taxes and utilities based on the average market price of single-family detached homes and apartments.
     
     
    The RBC report also shows that for the first time in almost two years, Greater Toronto pushed the Vancouver area from top spot as the city with the most significant erosion in affordability.
     
    However, Metro Vancouver remains the market with the steepest ownership costs as a share of household income.
     
    The report says home ownership for detached homes climbed to 92 per cent of household income in the third quarter, the highest ever reached anywhere in the country since RBC began compiling housing affordability statistics in the mid-1980s.
     
    Home prices also increased in the Victoria area over the third quarter as some of the sizzle from Vancouver's market seeped westward.
     
    RBC chief economist Craig Wright says in a news release that the third quarter could be a turning point toward improving affordability in the Vancouver area as the price for detached homes eases, but he believes future trends are murky.
     
     
    “New mortgage insurance rules may help affordability over time, but 2017 is likely to see a tug of war between these market-cooling policy measures and rising longer-term interest rates, pulling affordability in opposite directions. The net effect of this on the costs of owning a home is unclear at this point,” he says.

    MORE National ARTICLES

    Osoyoos, B.C. Constable Amit Goyal Cleared Of Disgraceful Conduct Allegations

    Osoyoos, B.C. Constable Amit Goyal Cleared Of Disgraceful Conduct Allegations
    Goyal was serving in Osoyoos, B.C., when he was accused of five allegations under the RCMP Act, including making false or misleading statements to a member of a superior rank.

    Osoyoos, B.C. Constable Amit Goyal Cleared Of Disgraceful Conduct Allegations

    Hockey Stick Assist Credited For Helping Save Bald Eagle Near Revelstoke, B.C.

    Hockey Stick Assist Credited For Helping Save Bald Eagle Near Revelstoke, B.C.
    KAMLOOPS, B.C. — An injured eagle that was coaxed to safety in southeastern British Columbia with the help of a hockey stick and a chunk of salmon appears to be on the mend.

    Hockey Stick Assist Credited For Helping Save Bald Eagle Near Revelstoke, B.C.

    No Arrests After Suspected Targeted Shooting In Vancouver Injures Woman

    No Arrests After Suspected Targeted Shooting In Vancouver Injures Woman
    VANCOUVER — An apparently targeted shooting has seriously injured a 42-year-old woman in Vancouver.

    No Arrests After Suspected Targeted Shooting In Vancouver Injures Woman

    Christy Clark Dons Hard Hat In Quest For 5th Liberal Mandate, Hammers Out Jobs Platform

    Christy Clark Dons Hard Hat In Quest For 5th Liberal Mandate, Hammers Out Jobs Platform
    British Columbia Premier Christy Clark never seems to miss the chance to put on a hard hat and pose with workers for what has become the trademark photo opportunity of her government.

    Christy Clark Dons Hard Hat In Quest For 5th Liberal Mandate, Hammers Out Jobs Platform

    Shocked Ottawa Muslim Community Grieving After Sisters Stabbed To Death By Brother

    Shocked Ottawa Muslim Community Grieving After Sisters Stabbed To Death By Brother
    Police allege that 32-year-old Asma A-Noor and her 29-year-old sister Nasiba were both stabbed to death in an Ottawa home on Friday night.

    Shocked Ottawa Muslim Community Grieving After Sisters Stabbed To Death By Brother

    PM Trudeau Says He'll Defend Canadian Interests, Values, If Trump Goes Too Far

    OTTAWA — Prime Minister Justin Trudeau says he would not hesitate to protect the interests — and the values — of Canadians if they clash with the agenda of U.S. president-elect Donald Trump.

    PM Trudeau Says He'll Defend Canadian Interests, Values, If Trump Goes Too Far