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Canada’s Top Ten Most Affordable and Top Ten Least Affordable Cities for 2024

Canada’s Top Ten Most Affordable and Top Ten Least Affordable Cities for 2024

In a continuing trend, British Columbia is still the least affordable region in Canada to live in, led by Vancouver and Victoria. Vancouver is the least affordable city among major international housing markets, trailing only Hong Kong.

The Demographia International Housing Affordability Survey considers affordability based on a “median multiple”. The median is the middle point in a set of numbers: there are just as many values both above and below it. In this case, the median multiple is calculated by dividing the median house price by the median household income. Essentially, the number that results tell you how many times greater the cost of a house is than the household income. The survey regards a median multiple of 3 or less to be affordable.

Lowered Housing Affordability Spreading from Major Markets

Of the 10 least affordable cities in Canada, only Vancouver and Toronto are considered major markets (population greater than 2,000,000). Not only do those regions top the list – at 1 and 2, respectively – but their surrounding areas are listed as either seriously or severely unaffordable in the survey.

In these markets where housing prices are rising, middle-income home buyers are often limited in choice to semi-detached properties, townhouses, or condominium units although most households would prefer detached or single-family houses. Even when less expensive properties are purchased in either Vancouver or Toronto, it takes a significantly greater portion of the household’s income than the Canadian Mortgage and Housing Corporation affordability guideline of 30%.

Outside of those expensive BC and Ontario markets, the news is slightly better for Canadian home buyers. Property prices are much more affordable in the cities studied, with 8 Canadian regions falling within the range of affordable and another 18 regions only moderately unaffordable.

Wondering What You Can Afford?

If your plans include buying a home in 2024, the Auxilium Team is ready to help you figure out what you can afford. Give us a call at 250-590-6520 (toll-free 1-855-590-6520) to start the process and book your free consultation. Walk-ins are welcome at our #16-Unit 211-2840 Peatt Rd. location during regular business hours, and we can arrange appointments for evenings and weekends to suit your schedule.

Top 10 Most Affordable Cities in Canada for 2024

  1. Thetford Mines, Quebec
  2. Edmunston, New Brunswick
  3. Riviere-du-Loup, Quebec
  4. Tracadie, News Brunswick
  5. Sainte-Marie, Quebec
  6. Montmagny, Quebec
  7. Miramichi, New Brunswick
  8. Saint-Georges, Quebec
  9. Bathurst, New Brunswick
  10. Rimouski, Quebec

Top 10 Least Affordable Cities in Canada for 2024

  1. Vancouver, British Columbia
  2. Toronto, Ontario
  3. Victoria, British Columbia
  4. Hamilton, Ontario
  5. Ottawa, Ontario
  6. Halifax, Nova-Scotia
  7. London, Ontario
  8. Calgary, Alberta
  9. Winnipeg, Alberta
  10. Montreal, Quebec

Auxilium Mortgage Corporation is based in Victoria, BC, and works with clients locally and across Canada. The Auxilium team has over 100 years of combined financial experience and access to dozens of lenders to help you meet your goals.

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