The bank says this hasn't happened since the spring of 2008 and was due to a slight rise in mortgage rates and higher property values.

The RBC index measures the proportion of pre-tax household income needed to service the costs of owning a home.

During the third quarter, the benchmark detached bungalow moved up by one per cent to 40.2 per cent and the standard townhouse rose by 0.7 per cent to 32.3 per cent.

The standard condo climbed by 0.5 per cent up to 27.6 per cent and a standard two-storey home increased 1.2 per cent to 45.8 per cent.

RBC says housing demand has outgrown supply, leading to a more competitive market and widespread increases in home values.