Canadian home ownership inches further out of reach

Rising house prices made home-ownership slightly less affordable in Canada during the second quarter of this year, when buyers returned to the market after a lengthy slump.

Royal Bank of Canada’s housing affordability index, which looks at the proportion of household income required to keep up with the cost of owning a home, rose by 0.3 percentage points to 42.7 per cent for detached bungalows, and by 0.4 percentage points to 48.4 per cent for two-storey homes, according to a report to be released Tuesday.

Posted by The Globe and Mail dated August 27, 2013