Just 26% of Canadian Households Can Afford a Single Family Home: RBC Report

RBC economist Robert Hogue says the lack of housing affordability is ‘particularly tense’ in Vancouver, Victoria, and Toronto where home prices are sky-high.

Real estate signage advertises a home for sale in Montreal on May 15, 2023. The Canadian Press/Christinne Muschi

A lack of housing affordability means that just 45 percent of Canadian households can afford a regular condo apartment and only 26 percent can afford a single-family home, says a new report from RBC.

“The significant loss of affordability during the pandemic has shrunk the pool of homebuyers in Canada,” said RBC Economist and report author Robert Hogue.