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This article has been assessed not ready for publication.Please see the review comments on the collaboration page. When these things have been done, and the article is ready to be reviewed and fact-checked, Submit for review?Template:Assistant/submit/formRoyal Bank of Canada: Canadian homes least affordable since 1990Submit for review by changing the |
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Please see the review comments on the collaboration page. When these things have been done, and the article is ready to be reviewed and fact-checked, Submit for review?Template:Assistant/submit/formRoyal Bank of Canada: Canadian homes least affordable since 1990Submit for review by changing the |
Sunday, October 1, 2017
According to a report from the Royal Bank of Canada released on Friday, Canadian housing affordability is the worst it has been for 27 years. RBC has been tracking the “RBC Housing Affordability Measure” since 1985.
The most expensive housing market in Canada is located in Vancouver, British Columbia. The British Columbia provincial government attempted to cool down home prices by enacting legislation in August of 2016 that amongst other measures implemented a fifteen percent tax on foreign buyers. Foreign buyers have been blamed for the rapid increase in home costs.
Toronto, Ontario is the second most expensive housing market in Canada. The government of Ontario followed in the footsteps of British Columbia and tried to cool down the housing market and also introduced legislation, including a foreign buyer’s tax, in April 2017.
The Housing Affordability Measure has pointed to continued deterioration in the affordability of housing. Less and less home buyers in Canada are able to meet rising costs.