Prince William and Kate release photo of daughter Charlotte to mark ninth birthday
Prince William and his wife Kate released a picture of their daughter Charlotte to mark the princess's ninth birthday on Thursday.
Skyrocketing housing prices in 2021 are driving up how long it would take for homebuyers to save for a down payment, new data shows.
The National Bank of Canada (NBC)’s latest report found that during the second quarter of 2021, housing affordability has worsened by the widest margin in 27 years. The report examined housing and mortgage trends in 10 cities across the country.
To save up enough for a down payment for an average home in Canada, it would take just short of six years – or 69 months – if you saved at a rate of 10 per cent of their median pre-tax household income.
This marked a notable jump compared to the 57 months of saving at that same rate this time last year.
And, if you live in Vancouver, Victoria and Toronto, it could take decades – assuming you put away 10 per cent of your before-tax household income.
Here’s a breakdown of how much time it would take to save up for a down payment for an average home or condo, if you saved a tenth of your pre-tax income:
People are framed around the CN tower as they exercise in Toronto on Wednesday, June 2, 2021. THE CANADIAN PRESS/Nathan Denette
People take in the sun on a warm day while looking over the city of Montreal, on Wednesday, March 17, 2021. THE CANADIAN PRESS/Paul Chiasson
Downtown Winnipeg. (Source: CTV News/Mason DePatie)
Researchers also found mortgage payments now make up 45 per cent of the income for a representative household, slightly above the average amount (43 per cent of income) needed in 1980.
NBC noted that during most of the past two years, income growth and lower interest rates have been conducive to improving affordability.
But 2021 has been a stark contrast, the bank said, with home price increases outpacing income growth and mortgage interest rates also rising.
Prince William and his wife Kate released a picture of their daughter Charlotte to mark the princess's ninth birthday on Thursday.
H5N1 or avian flu has been detected at dozens of US dairy farms and Canadian experts are urging surveillance on our side of the border too.
A Canadian restaurant lowered its prices this week, and though news of price tags dropping rather than climbing sounds unusual, the business strategy in this case is not, according to experts in the field.
A 49-year-old man has been charged in connection with an alleged assault that happened earlier this week in Dartmouth, N.S.
Inspections are underway at more than one Loblaws location in Ottawa after complaints were filed about tall Plexiglas barriers.
Archeologists have unearthed the skeletons of five people, missing their hands and feet, at a former Nazi military base in Poland.
Nathaly Paola Castro Torres has a rare disorder called Laron syndrome that is caused by a genetic mutation. It stunts her growth but also provides a hidden silver lining: Her body is protected from chronic diseases such as cancer that often take life away long before old age.
Canadian baseball player Tyler Black made a major splash in his first-ever big league game for the Milwaukee Brewers on Tuesday night.
Guitarist Duane Eddy, best known for twangy riffs on hits such as 'Rebel Rouser' and 'Cannonball,' has died at the age of 86.
A group of SaskPower workers recently received special recognition at the legislature – for their efforts in repairing one of Saskatchewan's largest power plants after it was knocked offline for months following a serious flood last summer.
A police officer on Montreal's South Shore anonymously donated a kidney that wound up drastically changing the life of a schoolteacher living on dialysis.
Since 1932, Montreal's Henri Henri has been filled to the brim with every possible kind of hat, from newsboy caps to feathered fedoras.
Police in Oak Bay, B.C., had to close a stretch of road Sunday to help an elephant seal named Emerson get safely back into the water.
Out of more than 9,000 entries from over 2,000 breweries in 50 countries, a handful of B.C. brews landed on the podium at the World Beer Cup this week.
Raneem, 10, lives with a neurological condition and liver disease and needs Cholbam, a medication, for a longer and healthier life.
The lawyer for a residential school survivor leading a proposed class-action defamation lawsuit against the Catholic Church over residential schools says the court action is a last resort.
Mounties in Nanaimo, B.C., say two late-night revellers are lucky their allegedly drunken antics weren't reported to police after security cameras captured the men trying to steal a heavy sign from a downtown business.
A property tax bill is perplexing a small townhouse community in Fergus, Ont.