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Canadians paying more for housing than in Q1: report

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A new report from the Royal Bank of Canada says it housing affordability index -- how much pre-tax income Canadians use to pay mortgages and other service costs for their homes -- has increased in the second quarter of 2013.

This means on average, Canadians are paying slightly more than they were in the first quarter of 2013. It is still lower than it was a year ago.

The index is only slightly up -- 0.3 points to 42.7 per cent on a detached bungalow and 0.4 points to 48.4 per cent on a standard two-storey home. The index on a condo was unchanged at 27.9 per cent.

In Manitoba, the index rose by 1.8 percentage points for two-storey homes but was down 0.2 percentage points for bungalows and condominiums.

"Generally, housing affordability is modestly poorer than it has been on average since the mid-1980s in Manitoba and may be exerting some mild stress on homebuyers," the report said.

That didn't appear to deter homebuyers, however. The report said home resales rebounded by 5.6 percent from the first quarter. Winnipeg saw resales return above the 10-year average in June following a weak winter.

The report showed Vancouver and Toronto continue as the least affordable cities in which to own a home. During the second quarter, Vancouver’s affordability reading rose 2.2 points to 82.1 on a detached bungalow, while Toronto’s edged up half a point to 54.5.

By contrast, other major cities were below the national average. On a detached bungalow, Montreal slid slightly to 38.1 per cent, Ottawa was mildly higher at 37.1, Edmonton was at 34.0 despite a 1.8 point gain, and Calgary held steady at 33.0.

It didn't give a value for Winnipeg but showed Manitoba at 38.1 percent.

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