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How affordable is housing? Add to ...

 

Royal Bank of Canada's housing affordability measure takes a quarterly look at what percentage of median pre-tax household income is needed to pay the cost of a mortgage on an average-priced detached bungalow, plus property taxes and utilities. Lenders deem a house to be affordable if the associated costs account for no more than 32 per cent of the borrower’s gross income. Here are affordability numbers from the first quarter of 2013.

 

 

Average

Price

in Q1

Qualifying

Gross

Household

Income ($)

RBC Housing

Affordability

Measure

Average

Housing

Measure

Since '85

Canada

$366,500

$77,700

42.5%

39.0%

Vancouver

$786,300

$147,300

82.3%

59.8%

Calgary

$451,800

$89,500

38.7%

39.1%

Edmonton

$330,000

$71,900

30.4%

33.1%

Toronto

$556,600

$113,300

53.8%

48.7%

Ottawa

$389,800

$88,400

39.1%

36.8%

Montreal

$294,500

$63,900

40.1%

36.8%

     

Source: Royal Bank of Canada

  

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