#10: Newspaper Article

Although it is kind of a bad sign, according to the Toronto Star and RBC, housing now has become more affordable. Home ownership more affordable, RBC says, is an article that talks about Canadian housing becoming more affordable, which is good for graduates who are looking to start their life. It states that, “Other types of housing also become more affordable, RBC said, with standard townhouse costing 35.4 per cent of family income (from 36.9), the standard condo to 30.1 per cent (from 31.4), and the standard two-story home to 50 per cent (from 52.0).” This is good news and bad news. It is good because graduates and home buyers are now going to be able to look at options they might not have be able to afford before. It is bad because it is another sign at how bad the economy is doing. The reason the prices are going down is because no one could afford them at where they were before. The article backs up my point by saying “RBC Economics said the biggest factor affecting the improved affordability in the final three months of 2008 was falling mortgage rates, while improved family income also contributed.” I personally cannot wait to get my own house, although it is mostly for the freedom aspect and probably will not happen for many years. Hopefully by that time the prices will not have skyrocketed again and I will actually be able to get a good home.