There are still cities where mortgages take up less than 15% of households' average income
![What are Canada’s most affordable real estate markets?](https://cdn-res.keymedia.com/cdn-cgi/image/w=1000,h=600,f=auto/https://cdn-res.keymedia.com/cms/images/ca/046/0379_637474150965026974.jpg)
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%