Housing affordability in Vancouver had its biggest drop in 26 years during the first half of the year, but signs of cooling are beginning to show up there, and in Toronto, according to a new report from Royal Bank. The figure is even worse for a single-detached house, which now requires 126.8 per cent of median pre-tax income to carry. "Clearly, owning a single-detached property at current prices in Vancouver is a luxury that very few locals can afford," the bank said. RBC said the level of Toronto's aggregate affordability measure was the highest since the third quarter of 1990. "Barring the levying of a similar tax, foreign investors could switch focus to the more affordable Toronto market," TD said.

Source: CBC News August 30, 2016 17:48 UTC