Mortgage rate drop means housing more affordable


Housing across Canada became more affordable in the second quarter of this year because mortgage rates dropped, according to a report from RBC.  Even with prices moving higher, homes became more affordable in nearly every market across Canada, according to RBC's Housing Trends and Affordability Report.  The least affordable markets were Toronto and Vancouver, where hot competition for properties kept home ownership out of reach for most buyers, despite a marginal improvement in the quarter.  Vancouver is the least affordable market with sky-high prices, especially for single family homes.

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Michael James

Michael James

Sales Representative
CENTURY 21 Capital Realty Inc., Brokerage*
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