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The fact that we have repeatedly emphasized was confirmed on Tuesday by the annual data report of Demographia, a market researcher. The report shows how unaffordable house prices are in those areas, at least in terms of income.
The price of an average house in the Toronto area is now 6.7 times the median annual household income. In Vancouver, the multiple became an eye-popping 10.8, making Vancouver one of the most expensive housing markets in the world.
Four of Canada’s five most unaffordable cities are in British Columbia, an American researcher said, similar to 2014. As other real estate experts say, Demographia believes that when the price of a house is more than three times the median household income, it is already unaffordable for potential buyers.
At least in 2000, housing prices were defined as affordable in most Canadian markets. But like other countries, such as Australia, it has changed a lot in recent years.
The average price of house prices in Canada is 3.9 times the median household income, and for major cities, the figure jumps to 4.2. This makes those cities a very serious “unaffordable” market.
Although those who are reluctant to borrow more money to buy houses in expensive cities have eased. The average multiple in some markets is still within affordable limits.
Monckton, St. John, Frederickton, Sagnay, Charlotte Town, three Rivers, Windsor, Sudbury, Ray Bay and Kingston are the 10 most affordable cities relative to local income.
Let’s take a look at the 34 Canadian real estate markets assessed in the report (ranking from the easiest to the most affordable).
In all real estate markets, Canadian housing is relatively unaffordable, with a median multiple of 3.9.
In 2015, the median multiple of the real estate market in major Canadian cities was 4.2. Vancouver ranked third in the most difficult survey this year and ranked fourth in the housing market most vulnerable to the risk of a “real estate bubble”.
