Housing affordability improves modestly across Canada: RBC Economics
After two consecutive quarters of deterioration, Canada's housing affordability has improved modestly in the third quarter, according to the latest Housing Trends and Affordability Report released today by RBC Economics. "Elevated uncertainty relating to the European sovereign-debt crisis and the downside risk for economic growth have contributed to keeping interest rates at low levels," said Craig Wright, senior vice-president and chief economist, RBC. "The lower interest rate environment - which also includes mortgage rates - has played a part in slightly reducing the costs of owning a home in Canada in the third quarter."
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