Quarterly Increase: Royal Bank

Royal Bank: Royal Bank says its housing affordability index reversed course in the second quarter of this year in two of the three categories it measures bungalows and two-storey homes after generally improving over the past year. Real Estate Mapping average home prices across Canada Where housing costs have gone up, down or stalled, according to CBC. The quarterly increase was not spectacular 0.3 points to 42.7 per cent on a detached bungalow and 0.4 points to 48.4 per cent on a standard two-storey home. The index on a condo was unchanged at 27.9 per cent and Home ownership has become less affordable for the average Canadian, but that hasn't stopped many from jumping into what may already be an overpriced market, suggests a new report from the Royal Bank. That means that on average, Canadians were paying more of the pre-tax income to service their homes compared to the first quarter of the year, although the index is still down from a year ago. (www.immigrantscanada.com). As reported in the news.