The following chart shows the changes in affordability levels in some of Canada’s most active real estate markets over the past five surveys. Click the image for a larger view.
I was a bit surprised to see that affordability at a national level really hasn’t changed significantly in the past five years. Canada’s “median multiple” comes in at 3.7 years, up from the lows of 3.1 in Q3/2007 but just slightly higher than the 3.6 years in Q3/2005.
Vancouver "wins the gold medal"as the most severely unaffordable housing market in the world requiring 9.3 times to median household income, an increase of almost a year in just twelve months time.
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