Most Affordable Homes In Canada
Canada isn’t known as the cheapest place for housing in the Western World and in fact some places seem down right ridiculous. In places like Toronto and Montreal I have seen homes on the markets for prices that made me stop in my tracks! However Canada does have reasonably good wages and hasn’t quite been hit in the same way by the economic downturn as many places across America and Europe. In that sense the affordability may be a little better in some places than it seems.
The 7th Annual Demographia International Housing Affordability Survey:2011 has delved into the international markets judging them by a simple affordability ration to try and help us ascertain where the most affordable markets are for purchasing a home, of course on the rental side this often has some mirroring of property price (this of course isn’t exact, I found rental in Montreal very reasonable but home prices are very high).
The survey divides median home price by median income to come up with an affordability ratio. In their survey, which encompasses 325 markets in Canada, United States, Australia, Hong Kong, Ireland, New Zealand, and United Kingdom, Canada fails to make it’s way into the affordable housing definition but does have some markets in moderately, seriously and severely unaffordable markets.
So Where Are The Most Affordable Homes In Canada?
So where did the survey find the most affordable Canadian homes? This list looks at where each market places nationally, it’s affordability ratio (median multiple), median home price and median household income, also included is the international affordabilty rank.
|Market||Median Multiple||Median Price||Median Household Income||International Rank|
|Thunder Bay, ON||2.3||$141000||$62100||22|
|Saint John, NB||2.8||$153000||$55400||80|
|St. Catherines-Niagara, ON||3.2||$195000||$61400||131|
|St. John’s, NL||3.4||$226000||$65600||158|
The survey has some really interesting information and although I don’t agree with all of it or it’s tone it holds some valuable information. They say the biggest reason for housing markets becoming unaffordable is land use regulations and the fact that many places are not letting towns and cities sprawl, causing a concentration in population that could lead to heavy socio-economic problems down the line. The problem is, surely we have to preserve our landscape and not let cities take over every inch!
The full report can be downloaded here: 7th Annual Demographia International Housing Affordability Survey:2011.
I’d love to hear your comments and thoughts on the findings of this survey and if you live in any areas listed how affordable or unaffordable you find them.
Thanks for reading – Most Affordable Homes In Canada