Posthaste: Housing affordability shows signs of improving — but don't get too excited housing housingforall realestate
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“Not only was it the largest improvement in over three years, but it also ended the longest sequence of declining home affordability since the 1986-89 episode,” Ducharme and Dahms said in their note.Using a five-year benchmark mortgage rate of 4.7 per cent, the economists calculated that, nationally, the mortgage payment as a percentage of income on a “representative” home stood at 64.6 per cent in the fourth quarter. “That is not to say that the median home is now affordable,” they wrote.
Housing is considered generally considered “affordable” when its costs account for roughly one-third of disposable income.
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