How affordable is housing in your City?
There has long been concern about deteriorating housing affordability in Canada. The OECD has expressed concerns about the decline of the middle-class in Canada and the substantial role of house price increases. Two of the 10 least affordable major markets are in Canada. The most affordable major housing markets are in the United States followed by Canada, Singapore, the United Kingdom, and Ireland. Severely unaffordable markets are Australia, New Zealand, and China.
The 16th Annual Demographia International Housing Affordability Survey; 2020. The survey is prepared by Wendell Cox of Demographia (USA) and a Senior Fellow at Frontier Centre and co-authored by Hugh Pavletich of Performance Urban Planning (New Zealand). This annual survey covers 309 metropolitan housing markets (metropolitan areas) in eight countries (Australia, Canada, China [Hong Kong Only], Ireland, New Zealand, Singapore, the United Kingdom and the United States) for the third quarter of 2019. Ninety-two major metropolitan markets (housing markets) are evaluated, including three megacities, with more than 10 million residents, New York, London and Los Angeles.
Cox and Pavletich use the international standard—Median Multiple—to rank housing markets across nine countries. The Median Multiple standard is recommended by the World Bank, the United Nations, the Joint Center for Housing Studies, and Harvard University. Several international organizations use this standard, such as, the Organization for Economic Cooperation and Development, the International Monetary Fund, and The Economist when comparing housing affordability across housing markets.
Read this intriguing survey and find out how your city ranks for Housing Affordability