Most Affordable Homes In Canada

Most Affordable Homes In Canada

Most Affordable Homes In Canada
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
Windsor, ON 2.1 $145000 $68900 10
Fredericton, NB 2.3 $140000 $59600 22
Thunder Bay, ON 2.3 $141000 $62100 22
Moncton, NB 2.4 $135000 $56900 35
Yellowknife, NWT 2.4 $293000 $121100 35
Charlottetown, PEI 2.6 $153000 $59900 57
Saint John, NB 2.8 $153000 $55400 80
Saguenay, QC 3 $149000 $50400 106
Trois-Rivieres, QC 3 $132000 $44100 106
Brantford, ON 3.1 $204000 $65500 116
London, ON 3.1 $198000 $64700 116
Regina, SK 3.1 $213000 $69500 116
Sudbury, ON 3.1 $199000 $63700 116
St. Catherines-Niagara, ON 3.2 $195000 $61400 131
Winnipeg, MB 3.2 $197000 $61000 131
Halifax, NS 3.3 $213000 $64200 147
Kitchener, ON 3.3 $246000 $76400 147
Barrie, ON 3.4 $260000 $76400 158
Guelph, ON 3.4 $259000 $76400 158
St. John’s, NL 3.4 $226000 $65600 158
Edmonton, AB 3.5 $288000 $81700 165
Ottawa-Gatineau, ON-QC 3.6 $273000 $75800 171
Peterborough, ON 3.7 $226000 $60900 180
Sherbrooke, QC 3.9 $177000 $45900 191
Calgary, AB 4 $355000 $88800 200
Hamilton, ON 4 $280000 $70100 200
Quebec, QC 4.1 $219000 $53900 210
Saskatoon, SK 4.3 $277000 $63900 224
Kingston, ON 4.9 $312000 $64300 242
Toronto, ON 5.1 $379000 $74800 252
Montreal, QC 5.2 $269000 $52100 257

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.

We also recently wrote a related article on: Canada’s Most Affordable Cities For Real Estate. Also related is our article on the Cheapest Places To Live.

Thanks for reading - Most Affordable Homes In Canada

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>


CommentLuv badge