Housing affordability in Canada hit the worst level in 27 years in the second quarter of this year, according to a Royal Bank of Canada report.
RBC Economics said in a report Friday that its housing affordability measure for Canada deteriorated for the eighth straight quarter.
The least-affordable place to purchase a home remains the Vancouver area, where affordability worsened after two straight quarters of improvement but remains better than a year ago. Outside of British Columbia and Ontario, affordability remains mostly stable, RBC said.
RBC’s housing affordability measure shows the proportion...