Canadian House Affordability – Province Comparisons

British Columbia : Alberta : Ontario : Quebec : New Brunswick : Nova Scotia : Newfoundland : Saskatchewan

See comparisons table.


New Brunswick House
A New Brunswick House

The Provinces Compared

One of the major attractions of a move to Canada used to be the cost of housing compared with other western countries.

Newcomers to Canada – particularly from Europe, the UK and Australasia – traditionally enjoyed a double benefit when they bought property in Canada.

›› Firstly, any initial funds they brought with them stretched farther in most parts of Canada than in their own housing markets.
›› Secondly, the ratio of wages to house prices in most parts of Canada was more favourable than in many other countries. (British Columbia, where the country’s mildest weather is found, was a major exception.)

These advantages have lessened in recent years, because the Canadian dollar has strengthened, and real estate prices in Canada have risen.

In British Columbia and Ontario, house affordability has worsened in the last few years.

Nevertheless, several of Canada’s provinces still have property prices that rank among the lowest in the western world.

In the table below, the higher the ranking, the more expensive are houses relative to wages.

Canadian House Affordability 2016

(Affordability measured by the number of years of gross average wage needed to buy an average house.)

ProvinceAffordability
Second Quarter 2016
Affordability
Second Quarter 2014
Affordability
Fourth Quarter 2012
Affordability
Third Quarter 2010
British Columbia13.912.011.211.5
Ontario10.18.98.07.2
Alberta7.06.86.86.7
Quebec6.26.16.76.2
Saskatchewan5.96.06.15.3
Manitoba5.96.16.25.3
Nova Scotia5.04.75.14.8
Newfoundland / Labrador4.75.76.25.3
Prince Edward Island4.13.84.34.0
New Brunswick3.63.84.13.9
Canadian Average9.68.57.87.4