Victorians spending more than half of their income on home ownership costs
Filed Under Main Content · Tagged: Bank Canada, Bank Of Canada, Bungalow, Economics, Fifth Consecutive Quarter, Greater Victoria, Home Ownership Costs, Household Income, Housing Affordability, Mortgage Payments, Property Taxes, Proportion, Rbc, Royal Bank Of Canada, Second Quarter, Single Family, Victorians
Times Colonist- The cost of owning a single-family bungalow in Greater Victoria climbed for the fifth consecutive quarter, says a new housing affordability report from the Royal Bank of Canada.
According to RBC Economics, ownership costs — the proportion of median pre-tax household income required to service the cost of mortgage payments, property taxes and utilities — for a single-family bungalow in this city in the second quarter hit 50.5 per cent of household income. That was considerably above the national average of 42.9 per cent…
Victorians spending more than half of their income on home ownership costs
Home ownership costs continuing to climb despite slowing activity: RBC
Filed Under Main Content · Tagged: Affordability, Canada, Consecutive Quarter, Downturn, Economics Research, Economist, Hogue, Home Ownership Costs, Mortgage Rates, Ottawa Citizen, Owning A Home, Rbc, Resale Market, Rose, Slowdown, Tandem
Ottawa Citizen- The cost of owning a home in Canada rose for the fourth consecutive quarter despite the slowdown in the resale market, according to a housing report released Monday by RBC Economics Research.
"Higher mortgage rates in tandem with a further appreciation in home prices boosted the monthly costs associated with carrying a mortgage on a typical home," said RBC senior economist Robert Hogue. "This extended the deteriorating trend in affordability since the middle of last year."
But despite the downturn, he said affordability remained "within a safe range…”
Home ownership costs continuing to climb despite slowing activity: RBC
Home ownership costs in Canada keep rising
Filed Under Main Content · Tagged: Average Household Income, Benchmark, Bungalow, Canada, Condominium, Economics Research, First Quarter, Home Ownership Costs, Housing Affordability, Interest Rates, Percentage Point, Percentage Points, Rbc, Rose, Straight Quarter, Townhouse
Times Colonist- Home ownership costs in Canada rose for the third straight quarter in early 2010, and those costs are going to get higher as interest rates rise this year, according a housing report released this week by RBC Economics Research.
The RBC Housing Affordability measure, which identifies how much pre-tax household income is needed to own a home, rose nationally across all housing types in the first quarter of 2010. The detached bungalow benchmark measure rose by 0.9 of a percentage point to 41.1% of average household income, the standard townhouse inched up by 0.4 of a percentage point to 33%, the standard condominium climbed by 0.5 of a percentage point to 28.2% and the standard two-storey home increased by 0.6 percentage points to 46.8%…
Home ownership costs in Canada keep rising
Home ownership costs to rise in Canada: RBC report
Filed Under Main Content · Tagged: Benchmark, Bungalow, Canada Vancouver, Condominium, Economics Research, First Quarter, Home Ownership Costs, Household Income, Housing Affordability, Interest Rates, Percentage Point, Percentage Points, Rbc, Rose, Straight Quarter, Townhouse, Vancouver Canada, Vancouver Sun
Vancouver Sun- Home ownership costs in Canada rose for the third straight quarter in early 2010, and those costs are going to get higher as interest rates rise this year, according a housing report released Tuesday by RBC Economics Research.
The RBC Housing Affordability measure, which identifies how much pre-tax household income is needed to own a home, rose nationally across all housing types in the first quarter of 2010.
The detached bungalow benchmark measure rose by 0.9 of a percentage point to 41.1 per cent, the standard townhouse inched up by 0.4 of a percentage point to 33 per cent, the standard condominium climbed by 0.5 of a percentage point up to 28.2 per cent and the standard two-storey home increased by 0.6 percentage points to 46.8 per cent…
