“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% of income nationally in the second quarter.

That means an owner would need to spend 42% of pre-tax annual income to pay for mortgage payments, utilities and property taxes — one percentage point lower than in the third quarter of 2011.” (Fiancial Post: November 22, 2012).

 

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http://business.financialpost.com/2012/11/22/canadian-homes-are-getting-more-affordable/?__lsa=4bcb17c0

 

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