Photo: James Bombales
The numbers are based on the RBC Housing Affordability Measures for the first quarter of 2015. It takes into account the proportion of median pre-tax household income that would be required to service the cost of mortgage payments (principal and interest), property taxes, and utilities on a detached bungalow, a standard two-storey home and a standard condo (excluding maintenance fees) at the going market prices. The measures are based on a 25 per cent down payment, and a 25-year mortgage loan at a five-year fixed rate.
