A new report released by the Royal Bank of Canada informs us: in 2007 home ownership became less affordable nation wide, but prices stayed fairly stable in the Quebec market.
Quebec – affordability still manageable
“The nationwide deterioration in affordability conditions hit every province last year. The hit to Quebec, however, was much more muted.
A generally balanced market has helped keep affordability conditions generally in check. House prices continue to modestly outpace income gains but the gap between the two measures is expected to narrow this year as price growth moderates to the 5% range in 2008. Housing starts have been running at elevated levels (close to 49,000 units) in each of the last three years.
New home construction is expected to slow modestly in 2008 (46,000 units) and more significantly by 2009 (40,000 units) as housing markets shift into slower gear.”
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Posted by: Deya Bautista - Real Estate Broker working as part of the McGill Immobilier team. Specializing in high end condos in downtown and Old Montreal. For buying or selling contact Deya at: 514.917.7889 
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