Latest in Mortgage News: Housing Affordability Back on the Decline

Author: External Author | | Categories: First Time Home Buyer Mortgage , Mortgage Agent , Mortgage Services

Following improvements in 2020, housing affordability worsened in the second quarter of this year by its widest margin in 27 years.

The main culprit was rising home prices, according to National Bank of Canada’s latest Housing Affordability report.

“Income growth and lower interest rates were conducive to improving affordability for most of the past two years,” the authors wrote. “That is no longer the case in 2021, as income growth is being easily outpaced by home price increases, while mortgage interest rates also rose on a quarterly basis.”

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Original Article Source Credits:   CANADIAN MORTGAGE TRENDS ,

Article Written By:  Steve Huebl

Original Article Posted on:  August 12, 2021

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