Housing ‘out of reach’ in Toronto, Vancouver

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A new report from RBC Economics says that housing is too expensive for many buyers in Toronto and Vancouver but is becoming more affordable in Calgary and Regina. Although the interest rate cut in January and the resulting lower mortgage rates eased pressure on many markets, the higher prices in Ontario and BC meant Canada has become less affordable overall. The effect of lower oil prices has yet to translate to significantly lower house prices in Alberta but the RBC report predicts that the situation will change. 
 

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