Vancouver ranked last for housing affordability among North American cities – .

Vancouver ranked last for housing affordability among North American cities – .

Another report ranked Vancouver last among major urban centers in North America for housing affordability, providing analysis of how conditions have deteriorated further.
Based on the data, in the second quarter of 2021, Oxford Economics’ latest housing affordability report shows Vancouver beats 29 other major cities analyzed across North America for poor affordability. housing.

The ranking of the analysis is determined by calculations of the Housing Affordability Indexes (HAI), with Vancouver’s HAI of 1.71 being the highest of any city, representing a 3.4% increase in quarter to quarter and 5% year to year. The HAI is based on the relationship between house price inflation and income.

In addition, a 6% increase in IAS for Vancouver is expected between the second quarter of 2021 and the fourth quarter of 2022.

Home prices became even more inaccessible to Canadian households in the second quarter of 2021. Assuming a 20% down payment on the purchase price of a home, a mortgage payments-to-income ratio of 25%, a 5-year mortgage and a 30-year amortization period. (Oxford Economics / Haver Analytics)

Vancouver is the most unaffordable Canadian city, while Quebec is the most affordable. (Oxford Economics / Haver Analytics)

Toronto, Hamilton and Ottawa ranked third, fifth and ninth for housing unaffordable, respectively, while cities like Seattle, Montreal and New York were in the middle of the rankings between the most unaffordable and most affordable extremes.

Four Canadian cities ranked among the top 10 most affordable cities, including Quebec City, Edmonton, Winnipeg and Calgary.

Housing has historically been more inaccessible in Canada than in the United States. (Oxford Economics / Haver Analytics)

Across Canada, house prices were 35% above the borrowing capacity of median-income households, with eight of nine cities experiencing deterioration in affordability in the quarter.

Housing is more affordable in US cities than in Canada, and affordability is expected to deteriorate faster in Canada than in the United States due to higher Canadian mortgage rates.

Top 10 least affordable housing markets, Q2 2021

  1. Vancouver
  2. Boise
  3. Toronto
  4. Portland
  5. Hamilton
  6. Las Vegas
  7. Saint Joseph
  8. Angels
  9. Ottawa
  10. Tampa

Top 10 Most Affordable Housing Markets, Q2 2021

  1. Chicago
  2. Quebec city
  3. Colomb
  4. Edmonton
  5. Atlanta
  6. Winnipeg
  7. Raleigh
  8. Dallas
  9. Calgary
  10. Nashville


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