The Globe and Mail reports that houses became slightly more affordable for the average Canadian towards the end of last year, according to Royal Bank of Canada.
That marks a reversal. Housing affordability deteriorated during both the second and third quarters of 2013. While mortgage carrying costs continued to tick up in the fourth quarter, the rising cost of home ownership was more than offset by the pace of growth in household incomes, RBC’s economics department says in its latest housing affordability report.
“The relative strength in income gains in Canada offset the minor increase in home-ownership costs in the final months of 2013, meaning that homes were more affordable for those looking to buy,” Royal Bank chief economist Craig Wright stated in a press release.
Read the full article HERE.
For information on the local market conditions of Pickering, Ajax, Whitby please contact me!
Randy Miller
Sales Representative
Re/Max Rouge River Realty Ltd., Brokerage
905-668-1800 or 905-427-1400
randy@randymiller.ca
www.randymiller.ca
Sales Representative
Re/Max Rouge River Realty Ltd., Brokerage
905-668-1800 or 905-427-1400
randy@randymiller.ca
www.randymiller.ca
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