TORONTO, September 9, 2009 - Owning a home hasn't been this cheap since the last housing boom got going in late 2005, but buyers beware: the party won't last.
So says Royal Bank, which issued a report yesterday showing the affordability of housing in Canada improved again in the second quarter - after posting the biggest quarterly improvement on record in the first quarter - marking 15 straight months of gains.
For potential homebuyers, that means falling mortgage rates and housing prices have considerably whittled down the portion of their pre-tax household income they would have to spend on owning a home.
"The attractiveness of owning a home has improved considerably over the past year and going forward it's probably not going to get much better," said the report's author, RBC senior economist Robert Hogue.
"Anyone still sitting on the fence right now might want to consider moving forward over the coming months."