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Wednesday, November 27, 2013
Rising prices, mortgages making real estate unaffordable for many: RBC
OTTAWA—Higher prices and an increase in mortgage rates have made home affordability more of a problem for the average Canadian family, says a new reportfrom the Royal Bank of Canada (TSX:RY).
RBC’s latest research on the portion of average household income needed to maintain a home shows that affordability deteriorated over the summer, the second consecutive drop in as many quarters.The level of deterioration differs from region to region and between types of homes, but for the average bungalow the affordability measure rose 0.7 of a percentage point to 43.3 per cent nationally in the third quarter, after a 0.3-percentage-point gain in the second quarter.
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