There are still cities where mortgages take up less than 15% of households' average income
Earlier this week, Mortgage Broker News examined recent data from Point2 Homes that says affordability has worsened in 38 major cities nationwide in 2020. But the data also contained a rather sizeable sliver of good news: homes remain affordable in a number of Canadian real estate markets.
While “affordable housing” has been defined by the Canada Mortgage and Housing Corporation as when households spend less than 30% of their gross income on housing, Point2 found 10 Canadian markets where mortgages take up less than 15% of a household’s average income. Here they are:
10. Trois-Rivieres, QC
Benchmark home price (2020): $409,567
Average household income (2020): $121,216
Share of mortgage in average income (2020): 14.5%
9. Regina, SK
Benchmark home price: $322,624
Average household income: $104,036
Share of mortgage in average income: 13.3%
8. Winnipeg, MB
Benchmark home price: $259,722
Average household income: $86,003
Share of mortgage in average income: 12.9%
7. Sherbrooke, QC
Benchmark home price: $249,816
Average household income: $84,189
Share of mortgage in average income: 12.7%
6. Saguenay, QC
Benchmark home price: $274,150
Average household income: $94,646
Share of mortgage in average income: 12.4%
5. Oshawa, ON
Benchmark home price: $276,733
Average household income: $97,634
Share of mortgage in average income: 12.1%
4. Quebec, QC
Benchmark home price: $293,289
Average household income: $104,890
Share of mortgage in average income: 12%
3. London, ON
Benchmark home price: $316,789
Average household income: $118,868
Share of mortgage in average income: 11.4%
2. Windsor, ON
Benchmark home price: $253,678
Average household income: $95,287
Share of mortgage in average income: 11.4%
1. Halifax, NS
Benchmark home price: $212,410
Average household income: $83,869
Share of mortgage in average income: 10.8%
