Saturday, June 1, 2013

Ottawa among affordable centres

Ottawa Citizen May 23, 2013 Comment 0 OTTAWA — As any real estate ad watcher will know, Ottawa homes tend to be more affordable than homes in many other Canadian centres.

An RBC analysis offers confirmation. It pegs the affordability of a detached Ottawa bungalow at 39.1, representing the proportion of pre-tax household income required to cover home ownership costs. That compares with 82.3 in Vancouver, 53.8 in Toronto and 40.1 in Montreal. The national average is 42.5.

For two-storey homes, Ottawa’s score is 41, or less than half of Vancouver’s 87.2, and well below the national average of 48.

And for condominiums, Ottawa’s score of 27.2 again trails Vancouver (41.6) and Toronto (33.5), though it’s well above Edmonton’s 18.6. The national average for condos is 28.1.

RBC said the Ottawa measures were little changed from an analysis in late 2012.

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