Owning a home in Canada was more affordable in the third quarter of this year according to new stats from RBC Economics.

While property prices have continued to rise in many areas there has also been a rise in income. At the same time utility bills have been cut and interest rates have stayed low.

The bank’s report also shows that resales continued to increase in October with Calgary, Toronto and Vancouver driving the rise; elsewhere resales have been flat or slightly lower.

In the mortgage market RBC says there was a reduction in fixed rates earlier in the year which has added to confidence.

The report does come with a warning that next year is likely to see a reversal of affordability as interest rates inevitably rise.

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