Some investors have been shorting the Canadian housing market in a bet that the oil-dependent economy would struggle under low oil prices and ultimately push down real estate prices.
But the energy bust has mostly hit Canada's oil producing province of Alberta, where the oil-linked recession has still only managed to flatten affordability trends.
Meanwhile, in a section of the report headlined "Vancouver and Toronto increasingly (dangerously) unaffordable," RBC noted that "in fact, it has never been so unaffordable to own a single-detached home in the Vancouver area."
Average prices now exceed 1.2 million Canadian dollars ($887,000), having "long since slipped out of reach for the average local homebuyer."
Vancouver made headlines last week after a 3,400 square foot home sold for 735,000 Canadian dollars ($543,000) more than the 3.5 million Canadian dollar asking price.
"Similarly, single detached home affordability in Toronto continues to slip deeper into stressful territory for homebuyers; however, conditions are not as extreme as they are in Vancouver."