Many average Canadian families are finding home affordability out of reach with higher prices and increases in mortgage rates, says a recent report from RBC. It states that the average household has to give 43.3 percent of its much needed pre-tax income just to service the cost of owning a bungalow at current market values. For a two-storey home, the affordability measure rose to 48.9 percent of it’s pre-tax income in the July-Sept period. However, there is a beacon of hope for those still hoping to become home owners. Owning a condominium is the most affordable option, with a cost measure of 28 percent of pre-tax income. The condominium lifestyle is growing more and more in popularity due to affordability, maintenance-free lifestyle (no shoveling) and lets not forget convenience (no more 2 hour commutes). Your condominium is calling, don’t keep it waiting. Search here.
