ROYAL BANK OF CANADAN SAYS 85% OF AFTER TAX DOLLARS ARE NEEDED TO CARRY A HOME TODAY!

While prices are down nationally, in Ontario they are up almost 7% year-over-year with the average price of a home coming in at $932,000 in 2022, according to CREA’s residential sales data. Thanks to increasing interest rates and a lack of homes on the market, affordability of home ownership for young families is at historic lows. According to the Royal Bank of Canada (“RBC”), middle-class families now have to dedicate 85% of their after-tax income to carrying the costs of a single-detached bungalow in the Greater Toronto Area. To make matters worse, today’s data revealed that new listings are shrinking meaning that fewer homes will be on the market heading into 2023 for buyers to see.