Housing Affordability Measure Results

May 23, 2013

The RBC Housing Affordability Measure, which has been compiled since 1985, is based on the costs of owning a property. The higher the reading, the more difficult it is to afford a home at market values. For example, an affordability reading of 50 per cent means that home ownership costs, including mortgage payments, utilities and property taxes, would take up 50 per cent of a typical household’s monthly pre-tax income. RBC’s housing affordability measure for the benchmark detached bungalow in Canada’s largest cities is as follows: Vancouver 82.3%; Toronto 53.8%; Montreal 40.1 per cent%; Ottawa 39.1%; Calgary 38.7%; Edmonton 30.4%.