Not that any would-be homebuyer needs the reminder, right? RBC | realestate realestatenews housingmarket housing cdnpoli Canada
11:17 AM Sep 29, 2022, RBC economist Robert Hogue states that buying a home has never been more unaffordable in Canada. While home prices across the country have softened in recent months after a red-hot two-year run, Hogue highlights how surginghave driven home ownership costs to record-high levels. The Bank of Canada has steadily hiked up its rates since March, something Hogue says has added hundreds of dollars to mortgage payments that come with a home purchase.
But it wasn’t just the infamously expensive cities like Toronto and Vancouver where housing affordability worsened thanks to climbing rates, says Hogue. It happened pretty much everywhere in Canada. “The deterioration over the past year has been off the charts in most markets, with only parts of the Prairies and Quebec having experienced deeper erosion in the past,” writes Hogue.
But, in the meantime, countless homebuyers will face financial challenges on the home ownership front.
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