Cost of owning a home rising: report
Last Updated: Monday, September 27, 2010 | 9:12 AM ET
The Canadian Press
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The cost of owning a home has risen again, according to a quarterly report on housing affordability by Canada's largest banking group.
A report from RBC says home-ownership costs are up but expected to ease temporarily. (CBC) The latest housing report by RBC Economics Research says the cost of owning a home increased the most in Ontario and British Columbia.
The higher monthly costs for owning a home were driven by increased mortgage rates and further appreciation in home prices, the report says.
The report says home ownership costs in B.C. have neared the all-time highs reached in 2008.
The RBC report also says it expects a temporary easing in housing-ownership costs because of the recent drop in mortgage rates and signs that home prices are stabilizing in many markets.
© The Canadian Press, 2010
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