Home affordability has worsened substantially in Canada since 2021. In January 2023, the monthly single-family mortgage payment amounted to approximately 66 percent of a household's income, on average. In 2021, when affordability had improved slightly, the average mortgage payment constituted 47 percent of a household's income.
Affordability of homes in Canada 2018-2023, by property type
Affordability of homes was calculated as share of mortgage payment in average household income, average home price, 25% down payment, 25-year amortization and 39% gross debt service ratio.
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RBC Wealth Management. (December 20, 2023). Affordability of homes in Canada 2018-2023, by property type [Graph]. In Statista. Retrieved October 30, 2024, from https://www.statista.com/statistics/587736/affordability-of-homes-by-province-canada/
RBC Wealth Management. "Affordability of homes in Canada 2018-2023, by property type." Chart. December 20, 2023. Statista. Accessed October 30, 2024. https://www.statista.com/statistics/587736/affordability-of-homes-by-province-canada/
RBC Wealth Management. (2023). Affordability of homes in Canada 2018-2023, by property type. Statista. Statista Inc.. Accessed: October 30, 2024. https://www.statista.com/statistics/587736/affordability-of-homes-by-province-canada/
RBC Wealth Management. "Affordability of Homes in Canada 2018-2023, by Property Type." Statista, Statista Inc., 20 Dec 2023, https://www.statista.com/statistics/587736/affordability-of-homes-by-province-canada/
RBC Wealth Management, Affordability of homes in Canada 2018-2023, by property type Statista, https://www.statista.com/statistics/587736/affordability-of-homes-by-province-canada/ (last visited October 30, 2024)
Affordability of homes in Canada 2018-2023, by property type [Graph], RBC Wealth Management, December 20, 2023. [Online]. Available: https://www.statista.com/statistics/587736/affordability-of-homes-by-province-canada/
