The Royal Bank of Canada reported that home-ownership costs rose for the third consecutive quarter, with B.C.'s increase outpacing all other provinces.
In a report released today (May 25), RBC Economics stated that its affordability index of housing in B.C. has come close to the all-time high recorded in 2008.
RBC's housing affordability measure identifies the percentage of pre-tax family income required to finance a home.
For a detached bungalow in B.C, it requires 66 percent of pretax family income for the average household. A townhouse would need 49.5 percent of pretax family income, whereas a condo comes in at 35.5 percent, according to RBC Economics.
A two-storey home requires 73 percent of pretax family income, up 3.2 percent over the last quarter.
Housing affordability deteriorated in all provinces except Alberta.
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