Rising interest rates are likely going to widen wealth inequality in Canada, as housing affordability hits its worst level in decades, according to Beata Caranci, senior vice-president and chief economist at TD Bank.
, the report found the average home price is “still 80 per cent higher than 10 years prior and has significantly outpaced employee compensation that’s clocking in at 47 per cent.”
Caranci said the average GTA household is having to “dedicate 56 per cent of their pre-tax monthly income to mortgage payments to afford the average priced home.”The program isand it’s aimed at helping first-time homebuyers jump into Canada’s pricey housing market. She added that past attempts to help lower-income households to increase their savings with the “Working Income Tax Benefit , RESPs and Canada Learning Bonds, RRSPs and TFSAs”, have had the opposite effect of addressing Canada’s housing affordability issue.
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