It’s getting harder to buy a home in B.C. as an increasingly hot real estate market pushes prices higher, according to an RBC report on housing affordability released Wednesday.

“We’re talking about a very expensive market in Vancouver,” RBC senior economist Robert Hogue said in an interview. “Mortgage payments there take a much bigger chunk [of paycheques]. And it appears the rebound in the market has been stronger there than in other parts of the country. It has been quite an astonishing rebound.”

According to the report, B.C. and Vancouver posted the biggest increases by far across Canada in the RBC index measures.

Read the full article by Brian Morton, “B.C. home affordability takes a hit as prices rise in tightened, hot market” in the Vancouver Sun (Nov 26, 2009).

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