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Affordability: How does our housing measure up?

By on Jul 04, 2011 in Canada
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fredhouse Affordability: How does our housing measure up?

In order for housing to be deemed affordable in our fair country, the cost of maintaining a dwelling must be no more than 30% of the household’s income.  Let’s see how some of Canada’s major cities measure up:

City Avg. Housing Price (2011) Avg. Household Income (as of 2007) Avg. Monthly Mortgage* Avg. Monthly Income Percentage of Income Spent on Housing
Vancouver 792,000 68,600 4544.52 5716.66 79%
Toronto 454,000 71,200 2605.07 5933.33 44%
Calgary 401,000 90,700 2300.95 7558.33 30%
Ottawa 338,000 89,000 1939.46 7416.66 26%
Montreal 300,000 67,400 1721.41 5616.66 31%
Regina 273,000 82,300 1566.48 6858.33 23%
Halifax 262,000 75,000 1503.36 6250 24%

*Given a 5% down payment, a 5.39% interest rate, and a 25-year amortization

This chart uses averages across the populations of each city.  Some factors, such as extremely high or low figures, may skew these amounts.  This chart is intended as a general overview.

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About the Author

Jessica Speziale is the Marketing Co-ordinator for Options for Homes Non-Profit Corporation. She write regularly for TheRedPin on cost-effective home ownership and is passionate about community and living green.
  • http://www.TheRedPin.com Sam

    so Household Income in Calgary is $~20K over Vancouver, while average mortgage in Vancouver is almost TWICE as much as mortgage in Calgary. Eye opening numbers!

  • http://twitter.com/OptionsJessica Jessica Speziale

    Yeah, it's pretty wild!

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