Canadian housing is seeing affordability deteriorate to levels not seen outside of bubbles. Home prices in Q4 2020 require a median household to use 50.3% of their income to carry the mortgage. It’s within spitting distance, just 0.6 points lower, from the previous high in 2018. The previous high was the worst level of affordability since the bubble peak in the 1990s. Only one big difference this time — mortgage rates are near record lows.
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