TORONTO – The cost of owning a home continues to rise, according to a quarterly report on housing affordability by Canada’s largest banking group.
The latest housing report by RBC Economics Research says the costs of owning a home increased the most in Ontario and British Columbia.
The higher monthly costs for owning a home were driven by increased mortgage rates and further appreciation in home prices, the report said.
The report said home ownership costs in B.C. neared the all-time highs reached in 2008.
The RBC report also says it expects a temporary easing in housing affordability because of the recent drop in mortgage rates and signs that home prices are stabilizing in many markets.