A housing report by RBC Economics Research said the cost of owning a home in Canada rose for the fourth consecutive quarter.

Affordability still remains in a safe range however higher mortgage rates and higher prices for resale homes is leading to a deteriorating trend in owning a home.

The RBC Housing Affordability Measure calculates the amount of pre-tax household income needed to own a home.

During the second quarter of 2010, the national level of the affordability reading rose between 1.1 and 2.1 percentage points.

Here are the highlights of the RBC Report.

• Two-storey home least affordable climbing 2.1 percentage points to 48.9 per cent
• Detached Bungalows increased 1.9 percentage points to 42.9 per cent
• Townhomes rose 1.1 percentage points to 34.1 per cent
• Condominiums most affordable, rising 1.1 percentage points to 29.3 per cent

The report expects rising interest rates, a reduction in resale home prices and increasing household income to offset the negative costs in owning a home.

Related:

Toronto High-Rise Condos Lead New Home Sales