How Affordable is Housing in Your City?
2021 Edition of Demographia International Housing Affordability
CANADA, February 22, 2021 – The Frontier Centre for Public Policy has just released the 2021 edition of Demographia International Housing Affordability. The survey is prepared by Wendell Cox of Demographia (USA). This annual report rates middle-income housing affordability in 92 major housing markets (1,000,000 or more population) in 8 nations (Australia, Canada, China [Hong Kong only], Ireland, New Zealand, Singapore, the United Kingdom and the United States). The 2021 edition rates housing affordability for the third quarter (September quarter) of 2020.
Cox uses 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.
Affordable major housing markets have a Median Multiple of 3.0 or less. Canada housing affordability ranks in 5th place.
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. Only 1 housing market in Canada is ranked as affordable in the major markets in the 2021 edition of Demographia International Housing Affordability.
The Frontier Centre for Public Policy is an independent, non-profit organization that undertakes research and education in support of economic growth and social outcomes that will enhance the quality of life in our communities. Through a variety of publications and public forums, Frontier provides new insights into solving important issues facing our cities, towns and provinces. These include improving the performance of public expenditures in important areas such as local government, education, health and social policy. The authors of this survey have worked independently and the opinions expressed are therefore their own, and do not necessarily reflect the opinions of the board of the Frontier Centre for Public Policy.