Owning your own home became slightly more affordable in the third quarter of 2011 thanks to continuing low interest rates, according to RBC's latest study on housing affordability.
According to the index, the higher the reading, the less affordable it becomes to own a home. The index in Vancouver stands at 90.6%.
Vancouver house values were outperforming until the credit crisis in the fall of 2008 when house values retreated by 12%. Since then house values have been increasing steadily and are currently 70% higher than in June 2005, roughly 11% per year.
With Mortgage rates expected to hold low and steady for the better part of next year the Real Estate Market is expected to hold strong and more a less steady in the first 3 quarters in 2012.
If you are buying a home, Winter 2012 will be the best time to strick.
The Aziz Group