Canadians are finding it more difficult to own their own homes due to rising housing costs and even a mild increase in mortgage rates, according to a Royal Bank of Canada (RBC) report on the three months ending Oct. 31. 
Higher prices have tremendously increased affordability ratings, which indicate the capabilities of an individual or a family to finance their own home.  The typical bungalow’s affordability rating rose to 43.3% nationally climbing 0.7 of a percentage point.  Meanwhile, that for a two-storey residence climbed to 48.9%.  
In concrete, everyday terms, this means that a typical Canadian family would have to dedicate 43.3% of its income to funding for their own bungalow.  This percentage covers payments for mortgage, related taxes and utilities, prior to tax deductions.  
Condominiums would seem to be the most accessible, as its ratings increased by a 0.1 percentage point to a slightly-lower-than-trend 28 percent.
Toronto and Vancouver were the regions that suffered the most.  The report cited Toronto’s affordability rating hike as the second worst in Canada, jumping 1.3 percentage points to 55.6%.  Vancouver’s is even worse:  the average family would have to dedicate 84.2% of its income prior to tax in order to afford to buy.

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