Housing affordability improves nationally and regionally in Q4-2011: RBC

Housing affordability in Canada showed modest improvements for the second consecutive quarter as 2011 drew to a close, according to RBC’s latest Housing and Affordability studyreleased last week. Nationally, income gains combined with “modest declines” in house prices helped to “dial back the deterioration that occurred last spring.”

In Saskatchewan, most housing types saw some small improvements in affordability. Although measures remain slightly higher than their long-term averages, RBCindicates that affordability in Saskatchewan isn’t likely to be much of a factor in the short-term.

“Affordability, therefore, is unlikely to be a factor restraining Saskatchewan homebuyers at this point. Indeed, they were very active in the fourth quarter, with resales surging nearly 9% from the third quarter to their highest levels in almost four years. Strong economic growth will continue to benefit Saskatchewan’s housing market in 2012.”

Read the full RBC Housing Trends and Affordability report.

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