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Trend towards improved housing affordability reverses in Q3-2009: RBC

From RBC’s November 2009 Housing Trends and Affordability Study


The string of significant improvements in housing affordability in Canada finally came to an end in the third quarter. RBC’s affordability measures rose at the national level for the first time in six quarters for all housing types.


All provinces and major metro markets shared in the deterioration in affordability in the third quarter. British Columbia, especially Vancouver, posted the biggest increases by far in the RBC measures. Toronto and Calgary also recorded notable increases for some housing types, while the rise in the cost of home ownership in the rest of the country has generally been modest.


After steadily improving for more than a year, housing affordability in Saskatchewan deteriorated modestly in the third quarter, with RBC’s affordability measures climbing between 0.5 and 1.0-percentage points. This reflected higher mortgage payments that have resulted from the small increase in mortgage rates as well as stronger property values in many areas of the province. While the cost of home ownership declined substantially in the past year, it remains historically high in the province, as it has only partly reversed the unprecedented increase registered during the boom from late-2006 to early-2008. However, levels that prevailed prior to the boom might have been depressed by previously unfavourable migration flows, which have since reversed. Overall, resale activity in Saskatchewan continues to carry tremendous momentum, being especially vigorous in the past few months with levels close to the records set in late-2007 and early-2008.


Read the full RBC report here.


Thanks to Jen for the heads up on the release of this report.


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Norm Fisher
Royal LePage Vidorra

Norm Fisher, Author of the TeamFisher Saskatoon Real Estate Blog

About Norm

Licensed in 1993, Norm brings a wealth of experience to TeamFisher. He has worked in every imaginable capacity including sales agent, office manager, team leader, broker and now, broker/owner. Norm has written a weekly review of the Saskatoon real estate market for more than 650 consecutive weeks which may make him the most consistent industry blogger in the world.Less...

Licensed in 1993, Norm brings a wealth of experience to TeamFisher. He has worked in every imaginable capacity including sales agent, office manager, team leader, broker and now, broker/owner. Norm has written a weekly review of the Saskatoon real estate market for more than 650 consecutive weeks which may make him the most consistent industry blogger in the world.

Norm is known for his passion for technology and can most often be found exploring and experimenting with the next big thing in real estate marketing. He was the first Saskatoon real estate agent to promote a home online and has been an early adopter of new technologies ever since. “Everything about this business has changed over the past 20 years, and it will happen again in the next ten. An open mind and a curious attitude are all that’s needed to continue to find new ways to serve our clients by delivering a faster, smoother, worry-free transaction,” says Norm.

In his spare time, Norm enjoys Crossfit and cycling, some years accumulating over 2,000 kilometres on the road. He’s a strong supporter of the Royal LePage Shelter Foundation and enjoys raising funds by joining fun, fitness-related initiatives like the Grouse Grind for Shelter. In 2015, he trekked the Peruvian Andes to Machu Picchu. In 2017 he walked the southern highlands of Iceland across mountains, sand, snow, ice, lava fields and forest for seven days. Collectively those initiatives raised over a million dollars for Canadian women's shelters.
 

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