{"id":1524,"date":"2022-03-30T04:00:11","date_gmt":"2022-03-30T04:00:11","guid":{"rendered":"https:\/\/www.rbc.com\/en\/economics\/2022\/03\/30\/housing-affordability-spiraling-to-worrisome-levels\/"},"modified":"2025-03-26T04:54:43","modified_gmt":"2025-03-26T04:54:43","slug":"housing-affordability-spiraling-to-worrisome-levels","status":"publish","type":"post","link":"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/canadian-housing\/housing-affordability\/housing-affordability-spiraling-to-worrisome-levels\/","title":{"rendered":"Housing affordability spiraling to worrisome levels"},"content":{"rendered":"<h4>Highlights<\/h4>\n<ul class=\"disc pad-l\">\n<li><b> Market frenzy drives up ownership costs to extremes: <\/b> RBC\u2019s aggregate affordability measure for Canada was at its worst level in 31 years in the fourth quarter of 2021, rising 1.6 percentage points to 49.4%. The deterioration over the past year is a near-record 7.2 percentage points\u2014exceeded only once in 1990. <\/li>\n<li><b> Seriously tighter squeeze in Toronto, Vancouver and Victoria: <\/b> Soaring prices are crushing affordability in those markets, as well as others in southern Ontario. The deteriorating trend, however, is widespread with the RBC measure up in all markets we track in the past 12 months.<\/li>\n<li><b> Situation isn\u2019t as strained in the Prairies and some east-coast markets: <\/b> Ownership costs in these regions still generally look manageable so far. Halifax is an emerging exception.<\/li>\n<li><b> The outlook for affordability is grim:  <\/b> Rapid price escalation in the early months of 2022 has already raised the bar to impossible levels for many homebuyers. And with the Bank of Canada now in the process of hiking interest rates materially\u2014we expect a total increase of at least 150 basis points in the coming year\u2014ownership costs look set to spiral even higher. Worst-ever affordability levels could well ensue, putting buyers in a precarious spot. <\/li>\n<\/ul>\n<hr>\n<div id=\"everviz-LoitcKji4\" class=\"everviz-LoitcKji4\"><script src=\"https:\/\/app.everviz.com\/inject\/LoitcKji4\/\" defer=\"defer\"><\/script><\/div>\n<hr>\n<h4>Home prices detached from buyer reality in many areas<\/h4>\n<p>Price gains recorded during the pandemic have been nothing short of stunning across Canada, surpassing 30% nationwide and far more in several markets. There were good reasons for prices to go up: changing housing needs, strong household incomes (including government pandemic supports), and rock-bottom interest rates have supercharged demand while regulatory and administrative obstacles significantly held back the supply response, creating market imbalances of epic proportions. Increased investor participation further stirred up the buying frenzy and widened the gulf between demand and supply. Still, the extent to which prices have appreciated clearly went beyond what solid fundamentals would suggest in many parts of the country. In the fourth quarter of 2021, the aggregate price in Canada exceeded by 17% what the value would have been if Canadians had dedicated the same proportion of their income toward ownership costs (RBC\u2019s affordability measure) as just before the pandemic. In other words, Canadians paid a 17% premium over late-2019 valuations\u2014which were already quite steep. That premium was considerably more in Halifax (26%), Ottawa (24%) and Toronto (22%), and slightly less\u2014though still substantial\u2014in Vancouver (16.7%), Montreal (15%) and Victoria (13%). We see large departures from historical norms as signs that prices have detached from local buyers\u2019 realities. Whether lofty valuations can be sustained will largely depend on how long demand-supply conditions remain ultra tight and market sentiment stays bullish. We think a large (and likely rapid) increase in interest rates in time will bring about significant changes: cooler demand, easing imbalances and possibly dampening expectations. <\/p>\n<div id=\"everviz-Vw5MdXYJv\" class=\"everviz-Vw5MdXYJv\"><script src=\"https:\/\/app.everviz.com\/inject\/Vw5MdXYJv\/\" defer=\"defer\"><\/script><\/div>\n<div id=\"everviz-xmGjtiz-3\" class=\"everviz-xmGjtiz-3\"><script src=\"https:\/\/app.everviz.com\/inject\/xmGjtiz-3\/\" defer=\"defer\"><\/script><\/div>\n<h4>Higher sensitivity to interest rates to add stress<\/h4>\n<p>Canadian homebuyers are a lot more sensitive to interest rate changes than they were 10 or 15 years ago as today\u2019s sky-high prices amplify the impact on mortgage payments. A one percentage-point rise in rates currently would boost payments by $315 per month for a standard home in Canada (valued at $775,000), or roughly double what the increase would have been 10 years ago. Relative to household income, the impact is two-thirds larger now. Everything else equal, a 150 basis-point rise in rates\u2014our call for the Bank of Canada\u2014would propel RBC\u2019s composite affordability measure for Canada by more than 7 percentage points (a rise represents a loss of affordability). While income gains will provide a partial offset, it\u2019s entirely possible RBC\u2019s measure could spike to all-time highs in the year ahead. A shock of this magnitude would severely stress homebuyers and exert significant downward pressure on demand.<\/p>\n<h4>Vancouver, Toronto and Victoria more sensitive to rate hikes<\/h4>\n<p>Every buyer across the country will feel the pinch of rising rates. But buyers in the most expensive markets will feel it most. That\u2019s because interest rate fluctuations affect mortgage payments more in Vancouver, Toronto and Victoria where mortgage sizes significantly exceed the national average. RBC\u2019s aggregate affordability measure could easily surpass previous peaks in all three markets. Buyers in Montreal, Ottawa and, to a lesser extent, Halifax also face further material erosion of affordability. Most of Atlantic Canada and the Prairies, on the other hand, are relatively less sensitive, containing downward pressure on demand. <\/p>\n<h4>Many coping mechanisms available<\/h4>\n<p>We expect many buyers will shift their preferences to keep their ownership dream alive in a rising rate environment. This may include looking for a more modest home or a different type of home (for example, a condo instead of a single family home); considering more affordable neighborhoods, cities or provinces; opting for a type of mortgage with a lower rate (variable instead of fixed) or longer amortization; renting out part of the property to generate additional income; exploring co-ownership or other alternative ownership arrangements; and asking mom and dad for a gift (or a larger gift) toward down payment. These coping mechanisms would cushion the impact of rising rates on demand. Soaring immigration\u2014with Canada further upping its immigration targets for the next three years\u2014is also poised to soften the blow to a certain degree.<\/p>\n<hr>\n<h4><b>Read the full Housing Trends and Affordability report for extensive market-by-market analysis.<\/b><\/h4>\n<div class=\"rds-callout-white\" style=\"border: 1px solid #c4c8cc;\">\n<div class=\"rds-gcw\">\n<div style=\"display:inline-block; vertical-align: top;\" class=\"img w-mob-100\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/03\/econ-download-1.png\" alt=\"\" width=\"261\" height=\"177\" class=\"aligncenter size-full wp-image-30186\" \/><\/div>\n<div class=\"rds-inline pad-hlf\" style=\"display:inline-block; vertical-align: top;\">\n<h4 class=\"mar-t\">Read full report<\/h4>\n<p><a class=\"btn tertiary\" role=\"button\" href=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/4\/2024\/11\/RBC-Housing-Trends-and-Affordability-March-2022.pdf\" target=\"_blank\" rel=\"noopener noreferrer\" data-dig-id=\"TNL_211007\" data-dig-category=\"TNL Economics\" data-dig-action=\"mid-funnel click\" data-dig-label=\"Housing Affordability - Dec 2021\">Download<\/a>\n<\/div>\n<\/div>\n<\/div>\n<p>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Price gains recorded during the pandemic have been nothing short of stunning across Canada, surpassing 30% nationwide and far more in several markets.<\/p>\n","protected":false},"author":265,"featured_media":1522,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"categories":[83,38,46],"tags":[],"rbc_econ_content_type":[],"class_list":["post-1524","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-canadian-analysis","category-canadian-housing","category-housing-affordability"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Housing affordability spiraling to worrisome levels - RBC Economics<\/title>\n<meta name=\"description\" content=\"Price gains recorded during the pandemic have been nothing short of stunning across Canada, surpassing 30% nationwide and far more in several markets. - RBC 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