Canadian Housing Trends and Affordability. RBC Economics released the May edition of its Housing Trends and Affordability report. The major takeaway from the past month is that there has been some erosion in housing affordability in Q1 – the further acceleration in home price increases was the dominant factor weighing on affordability. Multi-year trends continue to show fairly stable affordability levels at the national level. At the local level, and to nobody’s surprise, trends deteriorated for single-family homes in Toronto and Vancouver. Owning a single-family home in these markets has become a stretch for the average homebuyer. RBC Economics comments that Condos continue to be the more affordable ownership option, which largely explains the popularity of this type of housing not only in these markets but also across many of Canada’s metropolitan areas.
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