Friday, March 14, 2008

RBC report on Toronto GTA housing affordability

RBC report on Toronto GTA housing affordability

Toronto - more moderation in 2008

Affordability across Toronto deteriorated modestly for bungalows and townhomes and stabilized for condos and two-storeys. An overall improving affordability trend is expected in 2008 as new home and resale markets cool off amidst an increasingly lower mortgage rate environment. It is difficult to speak of the Toronto market without drilling into the different pockets of strength within the

The core Toronto area remains tight and continues to bias the headline numbers up. Outside of the core, several other sub-regions will see a continued moderation in average house price growth in 2008.

To date, the condo market has proved quite resilient with house prices still growing at a 10% year-over year pace. However, a sizeable increase in supply coming to market over the next two years is expected to shave some of the excitement off price growth.

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