Emerald Toronto Condos

Toronto Condos are most affordable according to a report by the Royal Bank.

Canadian housing as a whole has become more affordable with low interest rates and in some markets, lower prices.

The ongoing recession is still weighing down many housing markets and will continue to be a player along with slowing income growth and weaker job markets.

The price of a standard bungalow in Toronto was $428,100 still pricey but lower than a few quarters earlier. Affordability for a two-storey detached home in Toronto is $512,500 requiring 61.4 per cent of pre-tax income to afford one.

Toronto Condos remain the most affordable with an average price of $287,300 taking only 34.8 per cent of pre-tax income down from 36.5 in the earlier quarter.

Affordability has helped the Toronto Real Estate spring market with the degree of price declines slowing significantly.