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Canada’s housing affordability crisis: ‘Stunning’ ‘Crushing’ ‘Frenzy’

Vancouver, Toronto, Calgary
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Ownership cost as a percentage of median household income in Toronto has spiked to an all-time high. Appearing to surpass the disastrous bubble that presaged the 7-yr housing crash in Canada's biggest city. RBC's aggregate measure has jumped astounding in the past year, ↑ 10.8 pp to 68.6%. Price gains recorded during the pandemic have been nothing short of stunning across Canada, ↑ > 30% nationwide and far more in several markets. Halifax may be the hotter housing market in Canada right now, with house prices ↑ > 27% in the past year. The Maritime city had the biggest swing in affordability during the pandemic, representing the biggest deterioration on record in the area. RBC's aggregate measure of affordability in Halifax ↑ 6.7 pp since late-2020.


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Canada, Ottawa, Vancouver Island