Canadian Real Estate Has Not Been This Unaffordable Since The Ninety s Bubble BoC Data
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Canadian real estate affordability is getting worse as the market adjusts to higher rates. A Bank of Canada (BoC) update to its Housing Affordability Index (HAI) shows a sharp climb in Q2 2022. An average household now requires nearly half their income to service a mortgage. It’s a level rarely seen in Canada, and experts don’t see it lasting very long as prices drop.
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