Despite upward trend in home prices, pockets of affordability still remain
While Canadian residential property prices have trended upward in recent years, home ownership on a single income is still very much within the realm of possibility, according to the latest report from real estate portal Zoocasa.
In its most recent study, Zoocasa calculated the home-price-to-income ratio – that is, the indicator of how long it would take an owner to fully pay off their home if they contributed 100% of their annual income to shelter costs – in Canada’s major markets.
Data was culled from February numbers provided by the Canadian Real Estate Board and the median household income from Statistics Canada. A higher ratio means a longer payment timeline.
Read more: Canadians’ debt-to-income ratio edges down – StatsCan
