Housing Affordability Report Out Today

“This servicing reduction is partly because discounted variable mortgage rates have almost halved over the past ten years (from 8.85% in June 2008 to 4.50% in June 2018). At its peak a decade ago, a repayment on a house required 52.4% of household income and a unit required 48.7% of household income.” 

Despite the national dream of home ownership, it’s still cheaper to rent than repay a mortgage, with both house and unit rents currently costing 26.9% of gross household income. In…