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Housing affordability for Canadians erodes further despite downturn: RBC


Canadians from coast to coast saw a higher percentage of their income going towards housing costs in the second quarter of 2010, largely driven by an increase in house prices and mortgage interest rates when compared against the first quarter. This marks the fourth consecutive time that RBC’s “Housing Affordability Measure” rose. According to the Housing Trends and Affordability report released by RBC Economicsthis morning, the increases have managed to consume roughly half of the improvements experienced in late 2008 and early 2009 when house prices in most areas of Canada cooled significantly.


The deterioration in affordability was seen across the country with the worst of it experienced in Ontario and British Columbia with the remaining provinces seeing “minor erosion.” Only Saskatchewan and Manitoba experienced some improvements, though they were limited to townhomes in the former and condominiums in the latter.


In Saskatchewan

“While home resale activity in Saskatchewan has been on a declining trend in recent months, home prices have held up to a large extent. In the second quarter, prices either appreciated moderately or edged lower just marginally, depending on the housing type. With mortgage rates rising during the quarter, affordability generally eroded some more in the province. RBC Housing Affordability Measures moved up between 0.6 and 1.5 percentage points (townhouses bucked the trend, edging lower by 0.1 percentage points). These increases pushed levels further above long-term averages, thereby indicating that some tensions may be building in the provincial market. Nonetheless, we expect that a strong rebound in the provincial economy this year and next will likely help ease such tensions.”


Read the entire report here.


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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.
 

Note: We are in the process of bringing this blog home to the TeamFisher.com domain and we have a lot of stuff to move! Another 700 posts can be found at normfisher.com where they'll remain until we can get them moved here.

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