A Toronto family who wants to buy a house in that city would need to save for 25 years to be able to afford a 10 percent down payment, according to a new report on housing affordability.
The Housing Affordability Monitor, issued June 1 by the National Bank of Canada, said that while housing affordability in the country improved for the first time in nearly four years, the improvement was small in comparison to the skyrocketing prices seen during COVID-19.
Mortgage payments, as a percentage of income, are still at 60.9 percent in the first quarter of 2023, even as home prices have declined for a third consecutive quarter, according to the report, which looked at condos, homes, and the real estate market in general across 10 major Canadian cities….