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Vancouver home values still ‘sky high’: RBC

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Lower interest rates have made owning a home slightly more affordable in Canada, according to a new RBC Economics report. Unless you live in Vancouver.

The RBC Housing Affordability Measures showed an across-the-board price decrease for condos, two-storey and semi-detached homes. “Part of that is that prices are kind of levelling out, that’s part of the story. But we also saw about a 30 basis-point reduction in mortgage rates,” Craig Wright, RBC Chief Economist, tells BNN.

However, in Vancouver, more than 90 percent of a household income is necessary to cover homeownership costs.

“The 90 [affordability index] number overstates it. I think the ranking is fair, that it is more expensive in Vancouver and in British Colombia than in the rest of Canada. But what that 90 number tells you is the median household is not buying the average home in Vancouver,” Wright says.

The average price of a home in Vancouver in the third quarter was $819,700.

The report points to Alberta as Canada’s most affordable housing market, while costs are holding steady in Ontario. 


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