Canadian housing affordability has reached its worst level in 28 years with the most severe challenges in Toronto, Vancouver and Victoria, says a report from RBC. Economists from RBC say Canada's housing affordability is bound to get worse. That compares to a Canadian average of 53.9 per cent, up from 43.2 per cent three years ago. Condo affordability in Toronto, considered the city’s most viable entry-level home option, has eroded even more than detached houses in Canada, according to the report. The worsening picture comes as higher interest rates have raised mortgage carrying costs.

Source: thestar September 28, 2018 22:07 UTC