Low mortgage rates spurring sales
It’s becoming easier to carry the costs of home ownership, but a survey on housing affordability suggests this may be as good as it’s going to get.
Home ownership became more affordable in the second quarter, according to a measure taken by RBC Economics. It was the fifth straight quarter that the measure improved, it said.
“The national home affordability level has been restored to pre-housing boom levels,” senior RBC economist Robert Hogue said in a statement.
But he warned that consumers shouldn’t expect affordability to improve much more.
“The recuperative phase of the affordability cycle seems to be drawing to a close, with housing prices firming up in many parts of the country, and mortgage rates no longer trending downward,” Hogue said.
Read the full article “Housing affordability improves, RBC says” at CBCNews.ca (September 9, 2009).