Another housing study has come to familiar conclusions: Canada boasts the least affordable housing in North America. With a median family income of just under $65,000 a year, it would take 7.5 years for a family to pay off the median-priced home valued at 485K. That’s if they were able to live on air and direct every single dime of income to pay off just their home for 7.5 years.
According to the latest International Housing Affordability Survey, a multiple of 3x income and under is considered affordable, and multiples over 5.1 are considered severely unaffordable. In Vancouver, this multiple is now 17.3 and in the greater Toronto area 7.5x. You can look up comparables on other NA cities at this link.
This post was published at FinancialSense on 11/17/2017.