Canadas housing became more affordable in the second quarter of 2014 thanks in large part to a decline in mortgage rates, according to the latest Housing Trends and Affordability Report issued by RBC Economics Research. It was more affordable to own a home in virtually all provincial and major local markets across Canada in Q2, and in the face of solid price gains no less, said Craig Wright, senior vice-president and chief economist, RBC. We had anticipated a rebound in activity from earlier this year when the harsher than normal winter weather took hold, but the biggest drop in fixed mortgage rates in almost four years and resulting improvement in affordability also gave the Canadian housing market a boost of extra energy.
Posted on: Thu, 28 Aug 2014 11:23:01 +0000
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