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Canadian home affordability rises

Royal Bank says the cost of home ownership became more affordable in the most recent quarter due to a modest decline in home prices and gains in Canadian household incomes. RBC’s affordability index for a detached bungalow stood at 42 per cent of income nationally in the second quarter. That means an owner would need to spend 42 per cent of pre-tax annual income to pay for mortgage payments, utilities and property taxes — one percentage point lower than in the third quarter of 2011.

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