Toronto's housing affordability bottoms out at record low, RBC report finds
Bank says Ontario's effort to cool real estate market has not had an immediate effect
Royal Bank says housing affordability in Canada hit the worst level since 1990 in the second quarter of this year.
In a new report Friday, RBC Economics says its national housing affordability measure deteriorated for the eighth straight quarter.
The Toronto area was the hardest hit, where RBC says affordability declined the most and hit the lowest level ever measured in the city.
RBC says the Ontario government's actions in April to cool down the housing market did not have an immediate impact on provincial housing prices in the second quarter.
Still, the least-affordable place to purchase a home remains the Vancouver area, where affordability worsened after two straight quarters of improvement.
RBC says outside of British Columbia and Ontario, affordability remains mostly stable.