RBC Economics Research publishes a comprehensive quarterly report looking at homeownership affordability in Canada entitled Housing Trends and Affordability.
Compiled since 1985, the RBC Housing Affordability Measure is based on the costs of owning a detached bungalow (a reasonable property benchmark for the housing market in Canada) at market value. Alternative housing types are also presented, including a standard two-storey home and a standard condominium apartment. The higher the reading, the less affordable is a home to a particular family. For example, a reading of 32 per cent means that homeownership costs, including mortgage payments, utilities and property taxes, would take up 32 per cent of a typical household’s monthly pre-tax income.
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Canada’s housing affordability slips slightly: RBC Economics
Housing trends and affordability (pdf, 9 pages, 383kB)