Here is an excerpt from an article by Dan Richards, CTV.ca.

“The affordability verdict

If mortgage rates in December had been at normal levels, the percentage of income to carry a house in most cities would have been well above its long-term average. The good news: In most cities those percentages would still have been well below their highs – prices may be a bit elevated but this doesn’t suggest a bubble or a big drop ahead.”

To read the whole article, please click here to visit the CTV.ca website Housing affordability: the great quandary