The problem with any 'affordability index' based on housing is that it's measured based on what the monthly mortgage payment is under current assumptions. It's completely short term thinking. Unreasonably high house prices in Canada are masked by interest rates that are as low as any of us will ever witness again. It's a good bet that a buyer of a house now could end up having huge mortgage payments in some years time when they go to renew their mortgage. It's questionable whether or not a lot of the marginal buyers today will be able to reasonably afford that increase when it happens.
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