RBC warns on 'worst-ever affordability' ahead for homeowners
BNN: 'Housing affordability in Canada was at its worst level in 31 years at the end of 2021, according to RBC Economics, which is warning that there’s no relief in sight for the country’s already-stretched homeowners. Almost half of median pre-tax household income (49.7 per cent) would have been required to cover mortgage payments and other costs tied to owning a home, on an aggregate basis, in Canada in the fourth quarter of last year. That was an increase of 7.5 per cent from a year earlier and almost nine percentage points higher than the average since 1985, according to a report released Wednesday.
'Affordability was even more daunting for the owners of single-detached homes, which RBC estimates would have chewed up 54.6 per cent of median pre-tax household income.'