Half of Canadians have negative opinion of latest Liberal budget: poll
A new poll suggests the Liberals have not won over voters with their latest budget, though there is broad support for their plan to build millions of homes.
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.
A new poll suggests the Liberals have not won over voters with their latest budget, though there is broad support for their plan to build millions of homes.
When identical twin sisters Kim and Michelle Krezonoski were invited to compete against some of the world’s most elite female runners at last week’s Boston Marathon, they were in disbelief.
Appointing a trusted person to help with financial obligations can give you peace of mind. In his personal finance column for CTVNews.ca, Christopher Liew outlines the key benefits of naming a confidant to take over your financial responsibilities, if the need ever arises.
The federal government has added $36.4 million to a program designed to support people who have been seriously injured or killed by vaccines since the end of 2020.
Senators in Canada claimed $7.2 million in expenses in 2023, a nearly 30 per cent increase over the previous year.
A Winnipeg man said a single date gone wrong led to years of criminal harassment, false arrests, stress and depression.
A photographer who worked for Megan Thee Stallion said in a lawsuit filed Tuesday that he was forced to watch her have sex, was unfairly fired soon after and was abused as her employee.
NASA has finally heard back from Voyager 1 again in a way that makes sense. The most distant spacecraft from Earth hadn't sent home any understandable data since last November.
Australian police arrested seven teenagers accused of following a violent extremist ideology in raids across Sydney on Wednesday, as a judge extended a ban on social media platform X sharing video of a knife attack on a bishop that started the criminal investigation.
The giant stone statues guarding the Lions Gate Bridge have been dressed in custom Vancouver Canucks jerseys as the NHL playoffs get underway.
A local Oilers fan is hoping to see his team cut through the postseason, so he can cut his hair.
A family from Laval, Que. is looking for answers... and their father's body. He died on vacation in Cuba and authorities sent someone else's body back to Canada.
A former educational assistant is calling attention to the rising violence in Alberta's classrooms.
The federal government says its plan to increase taxes on capital gains is aimed at wealthy Canadians to achieve “tax fairness.”
At 6'8" and 350 pounds, there is nothing typical about UBC offensive lineman Giovanni Manu, who was born in Tonga and went to high school in Pitt Meadows.
Kevin the cat has been reunited with his family after enduring a harrowing three-day ordeal while lost at Toronto Pearson International Airport earlier this week.
Molly Knight, a Grade 4 student in Nova Scotia, noticed her school library did not have many books on female athletes, so she started her own book drive in hopes of changing that.
Almost 7,000 bars of pure gold were stolen from Pearson International Airport exactly one year ago during an elaborate heist, but so far only a tiny fraction of that stolen loot has been found.