New research by the Royal Bank of Canada (RBC) indicates that the percentage of average household income required to cover home payments has increased in the last two quarters as a result of both higher prices and interest rates.
“Higher prices and an increase in mortgage rates have made home affordability more of a problem for the average Canadian family,” reports Julian Beltrame.
“RBC’s latest research on the portion of average household income needed to maintain a home shows that affordability deteriorated over the summer, the second consecutive drop in as many quarters.”
“In Toronto, the affordability measure rose 1.3 percentage point to 55.6 per cent, the second worst in the country.”
“The report says the biggest risk to maintaining manageable affordability levels would be a sharp rise in interest rates, but many analysts believe that is unlikely to occur as long as global economic growth remains moderate and inflation pressures soft.”
FULL STORY: Home Affordability Deteriorating As Prices, Rates Rise: RBC
New York Passes Housing Package Focused on New Development and Adaptive Reuse
The FY 2025 budget includes a new tax incentive, funding for affordable housing on state land, and support for adaptive reuse and ADUs.
How Urban Form Impacts Housing Affordability
The way we design cities affects housing costs differently than you might think.
How Financing Restricts the Rental Housing Market
The way apartment buildings are financed has a major impact on supply and costs.
Pennsylvania Mall Conversion Bill Passes House
If passed, the bill would promote the adaptive reuse of defunct commercial buildings.
Planning for Accessibility: Proximity is More Important than Mobility
Accessibility-based planning minimizes the distance that people must travel to reach desired services and activities. Measured this way, increased density can provide more total benefits than increased speeds.
World's Largest Wildlife Overpass In the Works in Los Angeles County
Caltrans will soon close half of the 101 Freeway in order to continue construction of the Wallis Annenberg Wildlife Crossing near Agoura Hills in Los Angeles County.
Eviction Looms for Low-Income Tenants as Rent Debt Rises
Nonprofit housing operators across the country face almost $10 billion in rent debt.
Brightline West Breaks Ground
The high-speed rail line will link Las Vegas and the Los Angeles area.
Colorado Bans No-Fault Evictions
In most cases, landlords must provide a just cause for evicting tenants.
City of Costa Mesa
Licking County
Barrett Planning Group LLC
HUD's Office of Policy Development and Research
Mpact Transit + Community
HUD's Office of Policy Development and Research
Tufts University, Department of Urban and Environmental Policy & Planning
City of Universal City TX
ULI Northwest Arkansas
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
