The house price ratio in Canada peaked in the second quarter of 2022, followed by three quarters of decline and a slight rebound in 2023. The ratio measures the development of housing affordability and is calculated by dividing nominal house price by nominal disposable income per head, with 2015 set as a base year when the index amounted to 100. Canada's index score in the third quarter of 2024 amounted to 136.8, which means that house price growth has outpaced income growth by almost 37 percent since 2015. Canadian home prices are fallingAfter several years of steady increase, Canadian house prices were forecast to fall slightly in 2023. This was also the case in British Columbia, which has consistently been the most expensive province for housing. This is likely because Vancouver, Canada's most expensive city, is located there. Canadian incomes on the riseIncomes in Canada have steadily risen since 2000 and show no signs of slowing down in the near future. This should improve housing affordability, as long as home price growth slows down.

Portugal, Canada, and the United States were the countries with the highest house price to income ratio in 2024. In all three countries, the index exceeded 130 index points, while the average for all OECD countries stood at 116.2 index points. The index measures the development of housing affordability and is calculated by dividing nominal house price by nominal disposable income per head, with 2015 set as a base year when the index amounted to 100. An index value of 120, for example, would mean that house price growth has outpaced income growth by 20 percent since 2015. How have house prices worldwide changed since the COVID-19 pandemic? House prices started to rise gradually after the global financial crisis (2007–2008), but this trend accelerated with the pandemic. The countries with advanced economies, which usually have mature housing markets, experienced stronger growth than countries with emerging economies. Real house price growth (accounting for inflation) peaked in 2022 and has since lost some of the gain. Although, many countries experienced a decline in house prices, the global house price index shows that property prices in 2023 were still substantially higher than before COVID-19. Renting vs. buying In the past, house prices have grown faster than rents. However, the home affordability has been declining notably, with a direct impact on rental prices. As people struggle to buy a property of their own, they often turn to rental accommodation. This has resulted in a growing demand for rental apartments and soaring rental prices.

This statistic shows the house price to income ratio in Canada from 2013 to 2015 with forecasts for 2016 and 2017, by province. The house prices in British Columbia were 8.9 times the average household income in 2015, but were set to increase to 9.2 times average household income in 2016, then return to 8.9 by 2017. For more recent data on housing affordability in the major Canadian markets click here.

Data on resident buyers who are persons that purchased a residential property in a market sale and filed their T1 tax return form: number of and incomes of residential property buyers, sale price, price-to-income ratio by the number of buyers as part of a sale, age groups, first-time home buyer status, buyer characteristics (sex, family type, immigration status, period of immigration, admission category).

Graph and download economic data for Residential Property Prices for Canada (QCAN628BIS) from Q1 1970 to Q4 2024 about Canada, residential, HPI, housing, price index, indexes, and price.

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.

The average resale house price in Canada was forecast to reach nearly 836,000 Canadian dollars in 2026, according to a January forecast. In 2024, house prices increased after falling for the first time since 2019. One of the reasons for the price correction was the notable drop in transaction activity. Housing transactions picked up in 2024 and are expected to continue to grow until 2026. British Columbia, which is the most expensive province for housing, is projected to see the average house price reach 1.2 million Canadian dollars in 2026. Affordability in Vancouver Vancouver is the most populous city in British Columbia and is also infamously expensive for housing. In 2023, the city topped the ranking for least affordable housing market in Canada, with the average homeownership cost outweighing the average household income. There are a multitude of reasons for this, but most residents believe that foreigners investing in the market cause the high housing prices. Victoria housing market The capital of British Columbia is Victoria, where housing prices are also very high. The price of a single family home in Victoria's most expensive suburb, Oak Bay was 1.9 million Canadian dollars in 2024.

Data on shelter-cost-to-income ratio by visible minority, immigrant status and period of immigration, age and gender for the population in owner and tenant households with household total income greater than zero and shelter-cost-to-income ratio less than 100%, in non-reserve, non-farm private dwellings in Canada, provinces and territories, census metropolitan areas, census agglomerations and parts.

This dataset includes one dataset which was custom ordered from Statistics Canada.The table includes information on housing suitability and shelter-cost-to-income ratio by number of bedrooms, housing tenure, age of primary household maintainer, household type, and income quartile ranges for census subdivisions in British Columbia.

The dataset is in Beyond 20/20 (.ivt) format. The Beyond 20/20 browser is required in order to open it. This software can be freely downloaded from the Statistics Canada website:
https://www.statcan.gc.ca/eng/public/beyond20-20 (Windows only).
For information on how to use Beyond 20/20, please see:
http://odesi2.scholarsportal.info/documentation/Beyond2020/beyond20-quickstart.pdf
https://wiki.ubc.ca/Library:Beyond_20/20_Guide

Custom order from Statistics Canada includes the following dimensions and variables:

Geography:
Non-reserve CSDs in British Columbia - 299 geographies
The global non-response rate (GNR) is an important measure of census data quality. It combines total non-response (households) and partial non-response (questions). A lower GNR indicates a lower risk of non-response bias and, as a result, a lower risk of inaccuracy. The counts and estimates for geographic areas with a GNR equal to or greater than 50% are not published in the standard products. The counts and estimates for these areas have a high risk of non-response bias, and in most cases, should not be released.

Housing Tenure Including Presence of Mortgage (5)
1. Total – Private non-band non-farm off-reserve households with an income greater than zero by housing tenure
2. Households who own
3. With a mortgage1
4. Without a mortgage
5. Households who rent
Notes: 1) Presence of mortgage - Refers to whether the owner households reported mortgage or loan payments for their dwelling.

2015 Before-tax Household Income Quartile Ranges (5)
1. Total – Private households by quartile ranges1, 2, 3
2. Count of households under or at quartile 1
3. Count of households between quartile 1 and quartile 2 (median) (including at quartile 2)
4. Count of households between quartile 2 (median) and quartile 3 (including at quartile 3)
5. Count of households over quartile 3
Notes: 1) A private household will be assigned to a quartile range depending on its CSD-level location and depending on its tenure (owned and rented). Quartile ranges for owned households in a specific CSD are delimited by the 2015 before-tax income quartiles of owned households with an income greater than zero and residing in non-farm off-reserve dwellings in that CSD. Quartile ranges for rented households in a specific CSD are delimited by the 2015 before-tax income quartiles of rented households with an income greater than zero and residing in non-farm off-reserve dwellings in that CSD.
2) For the income quartiles dollar values (the delimiters) please refer to Table 1.
3) Quartiles 1 to 3 are suppressed if the number of actual records used in the calculation (not rounded or weighted) is less than 16. For cases in which the renters’ quartiles or the owners’ quartiles (figures from Table 1) of a CSD are suppressed the CSD is assigned to a quartile range depending on the provincial renters’ or owners’ quartile figures.

Number of Bedrooms (Unit Size) (6)
1. Total – Private households by number of bedrooms1
2. 0 bedrooms (Bachelor/Studio)
3. 1 bedroom
4. 2 bedrooms
5. 3 bedrooms
6. 4 bedrooms
Note: 1) Dwellings with 5 bedrooms or more included in the total count only.

Housing Suitability (6)
1. Total - Housing suitability
2. Suitable
3. Not suitable
4. One bedroom shortfall
5. Two bedroom shortfall
6. Three or more bedroom shortfall
Note: 1) 'Housing suitability' refers to whether a private household is living in suitable accommodations according to the National Occupancy Standard (NOS); that is, whether the dwelling has enough bedrooms for the size and composition of the household. A household is deemed to be living in suitable accommodations if its dwelling has enough bedrooms, as calculated using the NOS.
'Housing suitability' assesses the required number of bedrooms for a household based on the age, sex, and relationships among household members. An alternative variable, 'persons per room,' considers all rooms in a private dwelling and the number of household members.
Housing suitability and the National Occupancy Standard (NOS) on which it is based were developed by Canada Mortgage and Housing Corporation (CMHC) through consultations with provincial housing agencies.

Shelter-cost-to-income-ratio (4)
1. Total – Private non-band non-farm off-reserve households with an income greater than zero
2. Spending less than 30% of households total income on shelter costs
3. Spending 30% or more of households total income on shelter costs
4. Spending 50% or more of households total income on shelter costs
Note: 'Shelter-cost-to-income ratio' refers to the proportion of average total income of household which is spent on shelter costs.

Household Statistics (8)
1. Total – Private non-band non-farm off-reserve households with an income greater than zero1
2. Average household income in 2015 ($)2
3. Median household income in 2015 ($)3
4. Quartile 1 of household income in 2015 ($)4
5. Quartile 2 (median) of household income in 2015 ($)4
6. Quartile 3 of household income in 2015 ($)4
7. Average monthly shelter costs ($)2,5
8. Median monthly shelter costs ($)3,5
Notes: 1) All households statistics are calculated based on the distribution of private households in non-farm off-reserve non-band occupied private dwellings with a before-tax household income greater than zero.
2) The average is suppressed if the number of actual records used in the calculation (not rounded or weighted) is less than 4.
3) The median is suppressed if the number of actual records used in the calculation (not rounded or weighted) is less than 8.
4) Quartiles 1 to 3 are suppressed if the number of actual records used in the calculation (not rounded or weighted) is less than 16.
5) Shelter costs for owner households include, where applicable, mortgage payments, property taxes and condominium fees, along with the costs of electricity, heat, water and other municipal services. For renter households, shelter costs include, where applicable, the rent and the costs of electricity, heat, water and other municipal services.

Age of Primary Household Maintainer / Household Type (15)
1. Total – Private household by age of primary household maintainer
2. 15 – 29
3. 30 – 44
4. 45 – 64
5. 55 and over
6. 60 and over
7. 65 and over
8. Total – Private households by household type
9. One-family couple households without children and without additional non-family persons (2 persons only)
10. One-family couple households with census family children under 18 years of age and without additional non-family persons
11. Male-lone-parent family household with census family children under 18 years of age and without additional non-family persons
12. Female-lone-parent family household with census family children under 18 years of age and without additional non-family persons
13. Other household types
14. All other family household types1
15. Non-family households2
Notes: 1) Included are one-family households with census children aged 18 and over and no younger and without additional non-family persons; all one-family households with additional non-family persons; and multiple-family households.
2) Non-family household refers to either one person living alone in a private dwelling or to a group of two or more people who share a private dwelling, but who do not constitute a census family.

Original file name: CRO0163850_CT.4 (BC_HHType).ivt

Population groups by shelter-cost-to-income ratio groups and core housing need for Canada, provinces and territories, census divisions and census subdivisions. Includes tenure including presence of mortgage payments and subsidized housing (totals include farm operators), gender and primary household maintainer.

The average house price in the Canadian province of Prince Edward Island stood at 382,659 Canadian dollars in 2023 and was expected to decline in the next two years. By 2025, the average house price is forecast to reach 375,867 Canadian dollars. Compared to other provinces in Canada, Prince Edward Island stood below the national average in terms of house prices. Nevertheless, housing was still significantly more expensive than in Newfoundland and New Brunswick. House prices in Canada Prince Edward Island is one of the most affordable Canadian provinces for buying a house, with prices almost half below the national median in 2023. The national figure is somewhat skewed however by the extremely high cost of housing in British Colombia, and, to a lesser extent, Ontario. A better measure of affordability is the provincial house-price-to-income ratio, which shows Prince Edward Island to be the second most affordable province. Global comparison Canada is one of the most expensive countries in the OECD in terms of house-price-to-income ratio. In 2022, Canada scored higher than the United States, the UK, and Korea. That means that the cost of housing has increased at a much higher rate than the average income in the country.

Shelter cost by tenure including presence of mortgage payments and subsidized housing for Canada, provinces and territories and census subdivisions affiliated with First Nations or Indian bands. Includes shelter-cost-to-income ratio, household total income groups and household type including census family structure, on reserve.

Housing conditions of Canadian military families: Canada, provinces and territories, census metropolitan areas and census agglomerations with parts Frequency: Occasional Table: 98-10-0145-01 Release date: 2023-11-15 Geography: Canada, Province or territory, Census metropolitan area, Census agglomeration, Census metropolitan area part, Census agglomeration part Universe: Population aged 17 and over in owner and tenant households with household total income greater than zero in non-reserve, non-farm private households, 2021 Census — 25% Sample data Variable List: Housing indicators (6), Household type of person (10), Tenure including presence of mortgage payments and subsidized housing (7), Structural type of dwelling (10), Age (15D), Gender (3), Military service status (4A) Footnotes: 1 Household type Household type refers to the differentiation of households on the basis of whether they are census family households or non-census-family households. Census family households are those that contain at least one census family. Non-census-family households are either one person living alone or a group of two or more persons who live together but do not constitute a census family. Census family households may be differentiated based on the presence of additional persons (that is, persons not in a census family). 2 Structural type of dwelling 'Structural type' refers to the structural characteristics and/or dwelling configuration, that is, whether the dwelling is a single-detached house, an apartment in a high-rise building, a row house, a mobile home, etc. 3 Age 'Age' refers to the age of a person (or subject) of interest at last birthday (or relative to a specified, well-defined reference date). 4 Gender Gender refers to an individual's personal and social identity as a man, woman or non-binary person (a person who is not exclusively a man or a woman). Gender includes the following concepts: gender identity, which refers to the gender that a person feels internally and individually; gender expression, which refers to the way a person presents their gender, regardless of their gender identity, through body language, aesthetic choices or accessories (e.g., clothes, hairstyle and makeup), which may have traditionally been associated with a specific gender. A person's gender may differ from their sex at birth, and from what is indicated on their current identification or legal documents such as their birth certificate, passport or driver's licence. A person's gender may change over time. Some people may not identify with a specific gender. 5 Given that the non-binary population is small, data aggregation to a two-category gender variable is sometimes necessary to protect the confidentiality of responses provided. In these cases, individuals in the category “non-binary persons” are distributed into the other two gender categories and are denoted by the “+” symbol. 6 Dwelling condition 'Dwelling condition' refers to whether the dwelling is in need of repairs. This does not include desirable remodelling or additions. Housing suitability Housing suitability refers to whether a private household is living in suitable accommodations according to the National Occupancy Standard (NOS); that is, whether the dwelling has enough bedrooms for the size and composition of the household. A household is deemed to be living in suitable accommodations if its dwelling has enough bedrooms, as calculated using the NOS. 'Housing suitability' assesses the required number of bedrooms for a household based on the age, sex, and relationships among household members. An alternative variable, 'persons per room,' considers all rooms in a private dwelling and the number of household members. Housing suitability and the National Occupancy Standard (NOS) on which it is based were developed by Canada Mortgage and Housing Corporation (CMHC) through consultations with provincial housing agencies. Shelter-cost-to-income ratio 'Shelter-cost-to-income ratio' refers to the proportion of average total income of household which is spent on shelter costs. Core housing need Core housing need refers to whether a private household's housing falls below at least one of the indicator thresholds for housing adequacy, affordability or suitability, and would have to spend 30% or more of its total before-tax income to pay the median rent of alternative local housing that is acceptable (attains all three housing indicator thresholds). Housing indicator thresholds are defined as follows: Adequate housing is reported by their residents as not requiring any major repairs. Affordable housing has shelter costs equal to less than 30% of total before-tax household income. Suitable housing has enough bedrooms for the size and composition of resident households according to the National Occupancy Standard (NOS), conceived by the Canada Mortgage and Housing Corporation and provincial and territorial representatives. Only private, non-farm, non-reserve and owner- or renter-households with incomes greater than zero and shelter-cost-to-income ratios less than 100% are assessed for 'core housing need.' Non-family households with at least one maintainer aged 15 to 29 attending school are considered not to be in 'core housing need' regardless of their housing circumstances. Attending school is considered a transitional phase, and low incomes earned by student households are viewed as being a temporary condition. 7 Military service status Military service status refers to whether or not the person is currently serving or has previously served in the Canadian military. Military service status is asked of all Canadians aged 17 and older. For the purposes of the 2021 Census, Canadian military service includes service with the Regular Force or Primary Reserve Force as an Officer or Non-Commissioned Member. It does not include service with the Cadets, Cadet Organizations Administration and Training Service (COATS) instructors or the Canadian Rangers. 8 Tenure refers to whether the household owns or rents their private dwelling. The private dwelling may be situated on rented or leased land or be part of a condominium. A household is considered to own their dwelling if some member of the household owns the dwelling even if it is not fully paid for, for example if there is a mortgage or some other claim on it. A household is considered to rent their dwelling if no member of the household owns the dwelling. A household is considered to rent that dwelling even if the dwelling is provided without cash rent or at a reduced rent, or if the dwelling is part of a cooperative. For historical and statutory reasons, shelter occupancy on Indian reserves or settlements does not lend itself to the usual classification by standard tenure categories. Therefore, a special category, 'dwelling provided by the local government, First Nation or Indian band,' has been created for census purposes. Presence of mortgage payments refers to whether an owner household makes regular mortgage or loan payments for their dwelling. Subsidized housing refers to whether a renter household lives in a dwelling that is subsidized. Subsidized housing includes rent geared to income, social housing, public housing, government-assisted housing, non-profit housing, rent supplements and housing allowances. 9 For more information on the military service status variable, including data quality and comparability with other sources of data, please refer to the Canadian Military Experience Reference Guide, Census of Population, 2021. 10 Adequacy, suitability, affordability and core housing need are four housing indicators. The indicator for housing adequacy is the dwelling condition. The indicator for housing suitability (a topic often referred to as crowding) is whether the dwelling has enough bedrooms for the size and composition of the household. The indicator of housing affordability is the proportion of household total income that is spent on shelter costs, also referred to as shelter-cost-to-income ratio. Core housing need refers to whether a private household's housing falls below at least one of the indicator thresholds for housing adequacy, affordability or suitability, and would have to spend 30% or more of its total before-tax income to pay the median rent of alternative local housing that is acceptable (attains all three housing indicator thresholds). 'Dwelling condition' refers to whether the dwelling is in need of repairs. This does not include desirable remodelling or additions. The category 'major repairs needed' includes dwellings needing major repairs such as dwellings with defective plumbing or electrical wiring and dwellings needing structural repairs to walls, floors or ceilings. 'Housing suitability' refers to whether a private household is living in suitable accommodations according to the National Occupancy Standard (NOS); that is, whether the dwelling has enough bedrooms for the size and composition of the household. A household is deemed to be living in suitable accommodations if its dwelling has enough bedrooms, as calculated using the NOS. Housing suitability and the National Occupancy Standard (NOS) on which it is based were developed by Canada Mortgage and Housing Corporation (CMHC) through consultations with provincial housing agencies. The category 'not suitable' includes households where the required number of bedrooms based on the NOS exceeds the reported number of bedrooms in the dwelling. 'Shelter-cost-to-income ratio' refers to the proportion of average total income of household which is spent on shelter costs. The category '30% or more of household income is spent on shelter costs' includes households who spend 30% or more of their average monthly total income on shelter costs. For more information, refer to the Census Dictionary: Dwelling condition; Housing suitability; Shelter-cost-to-income ratio; Core

The housing affordability in Canada was the lowest in Vancouver and the higher in Edmonton in 2023. In the third quarter of the year, the ratio of homeownership costs to income in Canada was 62.5 percent. On the other hand, in Vancouver, the ratio amounted to 102.6 percent.

The house price-to-income ratio in Australia was ***** as of the fourth quarter of 2024. This ratio, calculated by dividing nominal house prices by nominal disposable income per head, increased from the previous quarter. The price-to-income ratio can be used to measure housing affordability in a specific area. Australia's property bubble There has been considerable debate over the past decade about whether Australia is in a property bubble or not. A property bubble refers to a sharp increase in the price of property that is disproportional to income and rental prices, followed by a decline. In Australia, rising house prices have undoubtedly been an issue for many potential homeowners, pricing them out of the market. Along with the average house price, high mortgage interest rates have exacerbated the issue. Is the homeownership dream out of reach? Housing affordability has varied across the different states and territories in Australia. In 2024, the median value of residential houses was the highest in Sydney compared to other major Australian cities, with Brisbane becoming an increasingly expensive city. Nonetheless, expected interest rate cuts in 2025, alongside the expansion of initiatives to improve Australia's dwelling stock, social housing supply, and first-time buyer accessibility to properties, may start to improve the situation. These encompass initiatives such as the Australian government's Help to Buy scheme and the Housing Australia Future Fund Facility (HAFFF) and National Housing Accord Facility (NHAF) programs.

In November 2024, a single-family house in Oak Bay cost 1.9 million Canadian dollars. Oak Bay was the most expensive suburb in Victoria, British Columbia, followed by Highlands and North Saanich. Victoria: an overview Victoria is the capital city of the province of British Columbia. The city is located south of Vancouver, and across the U.S. border from Seattle. In 2020, the average home price in Victoria was 961,000 Canadian dollars, which placed the city as the sixth most expensive Canadian city for residential real estate. Home affordability in Canada Housing affordability is, undoubtedly, one of the biggest barriers to homeownership in Canada. In 2023, the ratio of homeownership costs to income was 62.5 percent. Nevertheless, more expensive locations in the country had a higher ratio, with Vancouver exceeding 100 percent, suggesting that on average, mortgage payments exceeded the monthly income. Amid lower affordability and worsening homebuyer sentiment, house prices in some of Canada's markets are forecast to decline slightly in 2024.

The house price for Ontario is forecast to increase slightly in 2025, after declining by six percent in 2023. From roughly 872,312 Canadian dollars, the average house price in Canada's second most expensive province for housing is expected to rise to 881,039 Canadian dollars in 2025. After British Columbia, Ontario is Canada's most expensive province for housing. Ontario Ontario is the most populated province in Canada, located on the eastern-central side of the country. It is an English speaking province. To the south, it borders American states Minnesota, Michigan, Ohio, Pennsylvania, and New York. Its provincial capital and largest city is Toronto. It is also home to Canada’s national capital, Ottawa. Furthermore, a large part of Ontario’s economy comes from manufacturing, as it is the leading manufacturing province in Canada. The population of Ontario has been steadily increasing since 2000. The population in 2023 was an estimated 15.6 million people. The median total family income in 2022 came to 101,920 Canadian dollars. Ontario housing market The number of housing units sold in Ontario is projected to rise until 2025. Additionally, the average home prices in Ontario have significantly increased since 2007.

The price to earning (PE) ratio of REITs in Canada was lower than the PE ratio of the total market and the real estate sector as of March 2024. REITs are companies that own or finance rental real estate. One of their major benefits is liquidity: Though not all REITs are publicly traded, many of the major ones are, which allows investors to easily buy and sell shares. Because REITs pay out most of their taxable income to shareholders as dividends, they typically do not pay any corporate income tax. As of March 2024, the PE ratio of REITs in Canada stood at -18.6, with the earnings of the market forecast to grow 62.3 percent annually. The PE ratio is a valuation metric which is calculated as the ratio of the total market cap to the total earnings. A higher PE ratio means that the market cap has grown higher than the earnings - a sign of high investor confidence, but also that the market may be overpriced.