Home ownership costs have gone through the roof in Canada, with RBC data showing the average Canadian pays a whopping 63.5% of household pre-tax income.

The bank cites high interest rates as the greatest factor for the sky-high costs, which are higher now than they have ever been before in Canada.

“A household earning a median income needed to spend a staggering 63.5% of it to cover the costs of owning an average home at market price. That’s up from 61.8% in the third quarter,” said RBC economists on its website.

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