Home ownership costs in Canada keep rising

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

Bank of Canada rate bump not necessarily a harbinger of hikes to come

Vancouver Sun- On the same day the Bank of Canada bumped its key lending rate up, a major chartered bank edged a key mortgage rate down, moves that reflected the continuing uncertainty in world financial markets.

The Bank of Canada on Tuesday became the first G7 central bank to raise interest rates since July 2008, hiking its key overnight lending rate one-quarter of a percentage point to 0.5 per cent in a long-anticipated move aimed at keeping Canada’s recovering economy from overheating.

However, with uncertainty over the global economy mounting due to turmoil in the European Union, the pressure for future short-term rate increases might be easing.

The turmoil has caused interest rates for longer-term bonds to fall, allowing the Bank of Montreal to trim its five-year discount mortgage rate one-tenth of a percentage point to 4.25 per cent…

Bank of Canada rate bump not necessarily a harbinger of hikes to come

Home ownership costs to rise in Canada: RBC report

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…

Home ownership costs to rise in Canada: RBC report

Home ownership costs to rise: Report

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 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.

Robert Hogue, senior economist at RBC said in the report that although home ownership became more costly in the first quarter of 2010, affordability is still below peak levels reached in early 2008 and is not expected to exceed those peaks…

Home ownership costs to rise: Report

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