Affordability Sunshine
Posted January 24th, 2008 in Real Estate, Sharing the Experience, Statistics | 
Here’s a little bit of sunshine
Slight Improvement in ’08
RBC Economic gurus are saying that Housing Affordability will improve in 2008. 2007 saw the roof blown off the nationwide afford-ability indexes.
Derek Holt says that “almost every house class in every province and major city saw affordability deteriorate.”
How is this positive outlook reached.
Quoting RBC:
“Affordability measures the proportion of pre-tax household income needed to service the costs of owning a home. Across the country, the standard condo, remained the most affordable housing type, requiring about 30% of pre-tax household income. A standard townhouse was next at 34%, followed by a detached bungalow at 42% while a standard two-storey home remained the least affordable housing type at 47%.”
RBC is predicting that resale house prices will see an increase of 5% to 7% in 2008. In B.C. 2007 saw uncharted afford-ability matching 1985 when RBC first started tracking this trend.
Got a Vancouver Real Estate question? I’ll do my best to answer it. Call or send me an email.
Larry
Courtesy RBC Economics, Derek Holt
