“Royal Bank says the cost of home ownership became more affordable in the most recent quarter due to a modest decline in home prices and gains in Canadian household incomes.

RBC’s affordability index for a detached bungalow stood at 42 per cent of income nationally in the second quarter.

That means an owner would need to spend 42 per cent of pre-tax annual income to pay for mortgage payments, utilities and property taxes — one percentage point lower than in the second quarter of 2012.” (Toronto Star: November 22, 2012).

 

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http://www.thestar.com/business/article/1291440–homes-slightly-more-affordable-in-q3-rbc-index

 

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