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Or sign-in if you have an account.Nationally condo affordability is almost at pre-pandemic levels. Photo by ED KAISER/PostmediaSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorHousing affordability is improving in Canada, especially if you are in the market for a condo. Sharper price corrections in this sector than in other housing types have helped to restore affordability back to levels not seen since before the pandemic, says a new report from Royal Bank of Canada. Nationally the RBC condo affordability measure, the share of income needed to cover homeownership costs, has fallen to 35.2 per cent, less than a percentage point higher than in 2019. A lower measure means improving affordability.In some markets like Toronto and Victoria the index has sunk below pre-pandemic levels.Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Posthaste will soon be in your inbox.We encountered an issue signing you up. Please try againWhile relief has been widespread, condo affordability does remain elevated in some cities, said RBC economists Robert Hogue and Rachel Battaglia.A population boom and tight supply have led to an “aggressive lift” in prices in Montreal, Quebec City and Halifax which has yet to come down.Montreal’s condo affordability index has topped Toronto’s for the first time in 16 years, while Halifax’s measure is within three percentage points.“That’s the closest Halifax has been to Canada’s second most expensive market in more than a decade,” said the economists.The maritime city’s index still sits 13.6 percentage points above 2019 at 41.6 per cent, one of the largest increases since the pandemic.Of all the cities RBC tracks, Vancouver’s affordability improved the most in the first quarter, down more than nine percentage points from the year before.But that only reverses half of the “massive deterioration seen during the pandemic,” said the economists. Home ownership here still takes 84 per cent of income, making it the least affordable in Canada “by a long shot.”Toronto’s affordability also improved at a faster pace than most other markets, but gains are uneven depending on the housing type.For condos, “the price correction, alongside steadily rising incomes, has helped roll back the pandemic-era affordability deterioration entirely,” said RBC.Single detached homes are another story. This housing consumes more than 80 per cent of a typical household’s pre-tax income, said RBC, “cementing Toronto’s position as Canada’s second least affordable market overall.”RBC also reckons that the time of diminishing ownership costs in Canada is coming to an end. Prices have been stabilizing in most major markets and any mortgage rate relief from the Bank of Canada this year is unlikely.“That means income growth would have to do a lot of the heavy lifting to see additional affordability gains — though labour market softness may limit the scope of that relief,” said Hogue and Battaglia.Sign up here to get Posthaste delivered straight to your inbox.Just in time for Canada Day, a new poll shows that Canadians’ pride in their country has surged in recent years.In the survey by Abacus Data, 77 per cent of respondents said they were proud of being Canadian, up from 68 per cent last year and 65 per cent in 2024 — a 12 percentage point increase in just two years.Ontario showed the most pride in their country at 82 per cent, up 13 points from last year. Alberta at 74 per cent and Quebec at 66 per cent were at the low end of the scale.Canada’s natural beauty, peaceful and safe society, universal healthcare, and reputation for tolerance and inclusivity continue to rank high as sources of pride for Canadians.But this year pollsters noted that there was a new emphasis on identity and sovereignty. Nearly half of proud Canadians say being distinct from the United States makes them proud and 45 per cent point to Canada’s ability to stand up for its interests and sovereignty on the world stage.Happy Canada Day!Today’s Data: Canada’s gross domestic product for AprilEarnings: Nike Inc., Constellation Brands Inc.Most people buy a condo because the sticker price is friendlier than that of a detached home, but what some tend to gloss over is the cost and fallout of condo fees. Mortgage strategist Robert McLister warns that out-of-control condo fees won’t just dent your monthly budget and shrink what a bank will lend you; they can drag down your condo’s resale value. Find out how buyers can keep them in check.Interested in energy? The subscriber-only FP West: Energy Insider newsletter brings you exclusive reporting and in-depth analysis on one of the country’s most important sectors.Are you worried about having enough for retirement? Do you need to adjust your portfolio? Are you starting out or making a change and wondering how to build wealth? Are you trying to make ends meet? Drop us a line at wealth@postmedia.com with your contact info and the gist of your problem and we’ll find some experts to help you out while writing a Family Finance story about it (we’ll keep your name out of it, of course).Want to learn more about mortgages? Mortgage strategist Robert McLister’s Financial Post column can help navigate the complex sector, from the latest trends to financing opportunities you won’t want to miss. Plus check his mortgage rate page for Canada’s lowest national mortgage rates, updated daily.Visit the Financial Post’s YouTube channel for interviews with Canada’s leading experts in business, economics, housing, the energy sector and more.Today’s Posthaste was written by Pamela Heaven with additional reporting from Financial Post staff and Bloomberg.Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? Email us at posthaste@postmedia.com.Bookmark our website and support our journalism: Don’t miss the business news you need to know — add financialpost.com to your bookmarks and sign up for our newsletters here Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. 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