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National Bank On Housing Affordability Crunch

CANADA
  • National Bank research points to a fifth consecutive quarterly deterioration in housing affordability, with Q1 seeing the largest single quarterly drop in 27 years.
  • For the first time since 1994, it takes more than 50% of income for a representative household to service a mortgage in Canada’s main urban centres, as a result of both surging home prices and higher mortgage rates (their 5y benchmark rose 46bps in the quarter) whilst household income increased 0.8%.
  • Already in May, 60% of consumers answered that now is a bad time to make a major outlay, the highest on record outside of a recession.

Source: https://www.nbc.ca/content/dam/bnc/en/rates-and-analysis/economic-analysis/housing-affordability.pdf

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