Every housing market has gotten more unaffordable but it's no surprise which places are the worst.
This country's housing market is truly bleak because new data has shown that buying a house in Canada is getting more unaffordable to an extent that hasn't been seen in decades.
RBC's Housing Trends and Affordability report for September 2021 has been released and it revealed that the amount of income a household would need to cover ownership costs of a home in Canada has reached 45.3%.
That's the worst it's been in more than 30 years, since way back in the 1980s, and it's the fourth consecutive increase to the figure, which completely wipes out improvements that happened at the beginning of the pandemic, according to the report.
Affordability has gotten worse in every market and housing category in the country with Toronto, Vancouver and Ottawa experiencing the biggest drops.
RBC said it expects home prices will continue to rise in the near future, which will then raise ownership costs even higher across housing markets in Canada. However, prices are predicted to flatten sometime in 2022.
As for right now, it's still pretty bad in some parts of the country. Home prices in Ontario are expected to drop in just one area this fall, while the rest of the province sees surges that could be as high as 22%!
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