Affordability ticks up in Metro Vancouver with minor slip in mortgage rates

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Despite rising prices for single-family homes, affordability is up very slightly across Metro Vancouver as some of the major banks lowered their five-year interest rates during the first quarter of 2015, the UDI/Vancity Housing Affordability Index shows. The interest rate at the big banks averages just 3.24 per cent for a five-year fixed rate, which is the lowest it has been since the affordability index began. In the previous quarter, the average five-year, fixed rate was 3.41 per cent, but TD Canada Trust, Coast Capital, Bank of Montreal and HSBC now have rates ranging between 2.74 per cent and 2.79 per cent.

from http://www.vancouversun.com/business/affordability/Affordability+ticks+Metro+Vancouver+with+minor/11056763/story.html