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Housing affordability eased slightly in Q1, but “incredibly challenging” conditions persist: RBC

Author: 
Steve Huebl
Publication date:
July 4, 2023
Article Summary: 

The first-quarter of 2023 saw a slight improvement in housing affordability in Canada due to the Bank of Canada's temporary rate pause. RBC's aggregate affordability measure declined by 1.6 percentage points to 59.5%, the first decrease in nearly three years. Despite this improvement, housing affordability remains challenging, particularly in Vancouver, Victoria, and Toronto, which are the least affordable markets. Further rate hikes and rebounding home prices pose challenges to improving affordability in the long term.

Keywords: 

Housing Affordability, Bank of Canada, Rate Pause, RBC, Affordability Measure, Mortgage Rates, Property Prices, Vancouver, Victoria, Toronto, Montreal, Ottawa, Halifax, Home Prices, Rate Hikes, Canadian Real Estate Association, Benchmark Lending Rate, 5%, Housing Demand, Real Estate Market.

Source Citation: 
Steve Huebl
Housing affordability eased slightly in Q1, but “incredibly challenging” conditions persist: RBC
July 4, 2023
https://www.canadianmortgagetrends.com/2023/07/housing-affordability-eased-slightly-in-q1-but-incredibly-challenging-conditions-persist-rbc/
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