Affordable and Growing… How?

“Supply of properties for sale is dropping as demand bounces back, which is working to heat up prices again in many parts of the country.” says Robert Hogue, senior economist, RBC. (The Royal Bank of Canada)

Home ownership in Canada became more affordable for the fifth straight quarter with modest improvement registered across the country, says the second quarter housing report by RBC Economics Research.

“Following the biggest quarterly improvements on record in the first quarter and continued improvement in the second quarter, the national home affordability level has been restored to pre-housing boom levels” says Robert Hogue, senior economist, RBC. However, the recuperative phase of the affordability cycle seems to be drawing to a close with housing prices firming up in many parts of the country and mortgage rates no longer trending downward. (read the rest of the article)

?The leveling off of home affordability is not expected to stop the impressive resurgence in the housing market,? says Hogue.