Author: madnithy
Affordability levels in Manitoba remained in line with the long term averages, as provincial real estate activity picked up over the remaining months of 2009 according to the latest report released by RBC Economics.
The RBC Affordability measures for Manitoba, which capture the proportion of pre-tax household income needed to service the costs of owning a home, generally rose in the 4th quarter of 2009. With this it means that the higher mean means that it is more expensive to own a home.
The detached bungalow benchmark reach 0.5% higher, making it 35%; the standard townhouse rose by 0.2% to 23.4%; the standard condominium rose by 0.6% to 21.5% and the standard two storey home increased by 0.5% to 38.8%.
Senior economist at RBC, Robert Hogue noted that increased resale activity in the housing market has pushed prices upward and has caused affordability to slip in the province.
The RBC Housing Affordability measure has been compiled since 1985.
With concerns to the RBC Housing Affordability measure, the higher the measure, the more difficult it is to owning a home. In other words, the higher the measure, the more of your pre-tax household income is necessary to own that housing type.
Rita Baxter
Broker of Record with Town and Country Realty
www.lloydminsterrealestate.ca/
