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ZT: Cost of home ownership continues to rise: RBC& f) E! ?" x8 `3 I/ a
3 Q/ s5 g' M9 j& W) ~* _/ mCanadian Press
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Wednesday, September 12, 2007
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" }$ O, N2 Z* bTORONTO — The cost of owning a home in Canada continued to climb in the second quarter as affordability in Western Canada showed the biggest change, according to a new report by the Royal Bank.
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# T0 T- f1 F" Y1 k' g3 [. k4 iSaskatchewan suffered its worst ever quarterly deterioration of affordability on record, according to the bank, as an influx of people caught the housing supply off guard.3 X+ U; X' H9 q9 m" h
2 u0 v: N8 c1 z# n4 S% j2 m5 |% Z“In the second quarter, Canada's housing affordability experienced one of the largest and most broadly based quarterly deteriorations since the mid-1990s,” said Derek Holt, assistant chief economist, RBC.( \. n% m$ H( O0 [
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“Higher house prices, mortgage rates, utilities and property taxes all combined to drive the country-wide deterioration.”
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The report measures the proportion of pre-tax household income needed to service the costs of owning a home. The higher the reading, the more costly it is to afford a home1 K O( y$ \+ p! I% J5 n
5 q+ v7 ^4 O$ |0 FThe bank said a standard condo was the most affordable, requiring about 29 per cent of income compared with 27.5 per cent in the first quarter.1 d! D6 G, z7 o1 e
" z* n; X7 W) [. O5 WA standard townhouse was next at 33 per cent, up from 31.5 per cent in the first quarter followed by a detached bungalow which increased from 39 per cent to 41 per cent in the second quarter.
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A standard two-storey home was 46 per cent, up from 44 per cent in the first three months of the year. }: p6 @ g! N! p* J6 I
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Saskatchewan, Alberta and B.C. saw the biggest increase in costs in the quarter.% C' n) J: i- s4 K" I4 o
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Affordability fell about 20 per cent in Saskatchewan with no signs that prices were letting up yet, but the bank said the high prices were starting to weigh on demand.
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Among Canada's largest cities, a detached bungalow in Vancouver was the most expensive with the proportion of pre-tax household income needed to own a home coming in at 71 per cent. Toronto and Calgary followed at 45 per cent, Montreal at 36 per cent and Ottawa at 31 per cent.8 {! }: l3 v! Z! `
- a& I2 |! J0 O4 z1 ~“Market conditions in Vancouver have loosened up during the year, but conditions remain tilted in favour of a seller's market and are still supportive of fairly strong price gains,” the report said. |
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