Portugal, Canada, and the United States were the countries with the highest house price to income ratio in 2023. In all three countries, the index exceeded 130 index points, while the average for all OECD countries stood at 117.5 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.

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.

The house price for Ontario is forecast to increase slightly in 2024, 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 876,410 Canadian dollars in 2024. 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 2018 was an estimated 14.3 million people. The median total family income in 2021 came to 100,000 Canadian dollars. Ontario housing market The number of housing units sold in Ontario is projected to rise until 2024. Additionally, the average home prices in Ontario have significantly increased since 2007.

New housing price index (NHPI). Monthly data are available from January 1981. The table presents data for the most recent reference period and the last four periods. The base period for the index is (201612=100).

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.

The average Canadian house price declined slightly in 2023, after four years of consecutive growth. The average house price stood at 678,282 Canadian dollars in 2023 and was forecast to reach 722,063 Canadian dollars by 2025. Home sales on the rise The number of housing units sold is also set to increase over the two-year period. From 443,511 units sold, the annual number of home sales in the country is expected to fall to 489,661 in 2024. British Columbia and Ontario have traditionally been housing markets with prices above the Canadian average, and both are set to witness an increase in sales in 2024. How did Canadians feel about the future development of house prices? When it comes to consumer confidence in the performance of the real estate market in the next six months, Canadian consumers in 2024 mostly expected that the market would go up. A slightly lower share of the respondents believed real estate prices would remain the same.

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).

The average price for a house in Quebec stood at approximately 487,000 Canadian dollars in 2023 and was set to increase slightly in the next two years. In 2025, the average price is forecast to reach 512,000 Canadian dollars. Meanwhile, the national average house price was forecast to pick up in 2025. Compared to other provinces, Quebec was the third-most expensive province to buy housing in Canada, after British Columbia and Ontario. Quebec Located on the eastern side of Canada, Quebec had an estimated population of almost nine million people in 2022. It is the second most populated province in Canada, and the second-largest by land size, as it is three times the size of Texas. The largest city in Quebec is Montreal, which is close to the Vermont border in the United States. The median total family income in Quebec has been steadily rising since 2000. Housing Prices in Canada Housing prices in Canada vary province to province. The most expensive average house price was in British Columbia in 2022. Vancouver, the most populated city in British Columbia, is known for its high-priced real estate market. However, housing prices all over Canada have increased in the past couple of years.

The average house price in British Columbia in 2023 stood at about 971,000 Canadian dollars and, according to the forecast, is set to decrease by less than one percent, reaching 966,000 Canadian dollars in the following year. Nevertheless, this downward trend is expected to reverse in 2025. The average house price in Canada is forecast to grow in the next two years.

Shelter-cost-to-income ratio by tenure for Canada, provinces and territories, census metropolitan areas and census agglomerations. Includes household total income groups, household type including census family structure, housing suitability and dwelling condition.

House prices in British Columbia and Ontario were notably higher than any other province in Canada in 2023. The average house price in any other province was less than 500,000 Canadian dollars, whereas in British Columbia and Ontario, it exceeded 800,000 Canadian dollars. The most affordable province to buy a home was Newfoundland, where the average home cost about 293,573 Canadian dollars.

This dataset includes two tables which were custom ordered from Statistics Canada. One table includes information on shelter cost to income ratio and total shelter cost by tenure, household type, and household income. The other table includes variables on housing characteristics (total number of bedrooms, structural type, and tenure), and households (household size, household type, and age of primary household maintainer). 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 TABLE 1 includes the following dimensions and variables: Geography: Toronto CMA & Vancouver CMA to the census tract level Tenure: Owner (with and without mortgage), renter, subsidized, not subsidized Shelter Cost to Income Ratio: less than 15%, 15-30%, 30-50%, 50% or more, not applicable Household Type: -Census-family households -One-census family households without additional persons -One couple census family without other persons in the household -With children -Without children -One lone-parent census family without other persons in the household -One-census-family households with additional persons -One couple census family household with additional persons -One lone-parent census family with additional persons in the household -With children -Without children -One lone-parent census family with other persons in the household -Multiple census-family households -Non-census family household -One person households -Two or more person non-census households Total Shelter Cost: under $500 to over $3000 in intervals of $250 and $500 Household Income: in intervals of $10,000 up to $100,000 or more TABLE 2 includes the following dimensions and variables: Geography: Toronto CMA & Vancouver CMA to the census tract level Total number of bedrooms: No bedrooms to 4 or more bedrooms Tenure: Owner, renter Structural type: -Single detached house -Apartment with 5 or more stories -Other attached dwelling -Semi-detached house -Row house -Apartment or flat in a duplex -Apartment, building with fewer than 5 stories -Other single attached house -Movable dwelling Age of Household Maintainer: Begins at 15 and continues in 9 year intervals until 75 and over. Condominium Status: Condominium, not a condominium Household Type: -Census-family households -With children -Without children -Multiple census-family households -Non-census family household Household Size: One person up to 5 or more persons Original file names: EO2969 - Table 1 (Part 1) Cost income household _Toronto and Vancouver 2016.ivt EO2969 - Table 2 Tenure and dwelling_Toronto and Vancouver 2016.ivt

After surging in 2021, sales activity in the Canadian housing market slowed down in the next two years. According to the forecast, the number of home sales in 2025 is expected to reach almost 525,500. The Canadian residential housing market is going through a period of change because the skyrocketing home prices are being tempered by various governmental interventions. One of the measures is such as a two-year ban on foreign purchases. Additionally, the government introduced a tax on vacant foreign-owned housing and a tax on assignment sales - resales of homes that have not been constructed or lived in before the time of the sale.

This dataset includes two tables which were custom ordered from Statistics Canada. One table includes variables on housing characteristics (condominium status, total number of bedrooms, structural type and tenure), and households (household size, household type, age of primary household maintainer). One table includes information on shelter cost to income ratio and total shelter cost by tenure, household type, and household income. 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 TABLE 3 includes the following dimensions and variables: Geography: Toronto CMA & Vancouver CMA to the census tract level Age of Household maintainer: Age groups are divided into 9 year intervals starting at age 15 and ending at category 75 and above Condominium status: Condominium, not a condominium Tenure: Owner, renter Household size: From one person up to 5 or more persons Structural type: -Single detached house -Apartment with 5 or more stories -Other dwelling -Semi-detached house -Row house -Apartment, detached duplex -Apartment, building with fewer than 5 stories -Other single attached house -Movable dwelling Total number of bedrooms: From no bedrooms to 4 or more bedrooms Household type: -Census-family households -With children -Without children -Multiple census-family households -Non-census family household TABLE 4 includes the following dimensions and variables: Geography: Toronto CMA, Vancouver CMA Total Shelter cost: under $500 to over $3000 in intervals ranging from $250 to $500 Tenure: Owner (with and without mortgage), renter Household type: -Census-family households -One-family households -Couple family households -With children -Without children -Lone-parent households -Multiple census-family households -Non-census-family households -One person households -Two person households Shelter cost to income ratio: less than 15%, 15-30%, 30-50%, 50% or more, not applicable Household income: in intervals of 10,000 up to the category of $100,000 or more Original file name: EO2969 - Table 3 Tenure and dwelling_Toronto and Vancouver 2006.ivt EO2969 - Table 4 (Part 1) Cost income household_Toronto and Vancouver_2006.ivt

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.

This dataset includes three tables which were custom ordered from Statistics Canada. There is a table each for Vancouver CMA, Montreal CMA, and Toronto CMA, and the tables contain variables regarding dwelling characteristics, tenure, and shelter cost. 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: Montreal CMA, Vancouver CMA, Toronto CMA to the census tract level Total Shelter Cost: Under $500 to over $3000 in $500 intervals Shelter Cost to-Income Ratio: Spending less than 15%, 15-30%, 30-50%, 50% or more Tenure: Owner (including presence of mortgage), renter Condominium Status: Condominium, not a condominium Household Size: 1 person, 2 persons, 3 or more people Number of Bedrooms: No bedroom or 1 bedroom, 2 or more bedrooms Structural Type: -Single detached house -Apartment with 5 or more stories -Semi-detached house, row house or other single detached house -Apartment or flat in a duplex -Apartment, building with fewer than 5 stories Household Income: Median income and average income only Original file names: EO3091_Table2_Montreal.ivt EO3091_Table2_Toronto.ivt EO3091_Table2_Vancouver.ivt

Prospective homebuyers in Vancouver, British Columbia, and Toronto, Ontario, needed an annual income of over 200,000 Canadian dollars in 2023 to qualify for the average priced home. In Vancouver, this figure was approximately 237,000 Canadian dollars. British Columbia and Ontario, are Canada's most expensive provinces for housing. According to a January 2023 forecast by the Canadian Real Estate Association (CREA), the housing market is expected to cool down in the next two years, which is likely to improve home affordability.

Revenue for Canadian apartment lessors has gained through the end of 2025. Apartment lessors collect rental income from rental properties, so market forces largely determine their rates. The supply of apartment rentals has grown slower than demand, which has elevated rental rates for lessors' benefit. Favourable economic conditions and demographic trends during most of the period have driven growth in demand. In 2020, the spread of COVID-19 lessened demand for apartment rentals, but the nature of apartment leases prevented a dip in revenue until 2021. Revenue has climbed since 2022 as higher prices and strong demand have fuelled a robust rental market. Revenue has climbed at a CAGR of 1.7% over the past five years and will reach $67.6 billion through the end of 2025. This includes a 1.6% swell in 2025 alone. Climbing vacancies fueled by a historic increase in rental supply will limit rent growth in 2025. The urban population in Canada has continued to expand, fuelling demand for housing in recent years. The supply of apartment rental units has lagged behind demand growth, reflected in low vacancy rates across Canada. Major urban centres have had especially low vacancy rates in recent years. Disposable income has also grown despite significant economic volatility. This has given individuals more funds to cover living expenses, which has enabled lessors to raise rental rates. Despite skyrocketing rental prices, profit has declined because of rising operating costs and property taxes. Favourable macroeconomic conditions are expected to fuel demand for apartment rentals moving forward. Per capita disposable income will climb while vacancy rates remain low. Furthermore, immigration and urbanization growth will fuel rent growth in major cities, benefiting apartment rental providers. Demand will continue to outpace supply growth, prompting a revenue gain. Revenue will expand at a CAGR of 1.3% through the end of 2030, reaching $71.9 billion in 2030.

Note: The data release is complete as of August 14th, 2023.
1. (Added April 4th) Canada and Census Divisions = Early April 2023
2. (Added May 1st) Ontario, British Columbia, and Alberta Census Subdivisions (CSDs) = Late April 2023
3a. (Added June 8th) Manitoba and Saskatchewan CSDs
3b. (Added June 12th) Quebec CSDs = June 12th 2023
4. (Added June 30th) Newfoundland and Labrador, Prince Edward Island, New Brunswick, and Nova Scotia CSDs = Early July 2023
5. (Added August 14th) Yukon, Northwest Territories, and Nunavut CSDs = Early August 2023.

For more information, please visit HART.ubc.ca.

Housing Assessment Resource Tools (HART)

This dataset contains 18 tables which draw upon data from the 2021 Census of Canada. The tables are a custom order and contains data pertaining to core housing need and characteristics of households. 17 of the tables each cover a different geography in Canada: one for Canada as a whole, one for all Canadian census divisions (CD), and 15 for all census subdivisions (CSD) across Canada. The last table contains the median income for all geographies. Statistics Canada used these median incomes as the "area median household income (AMHI)," from which they derived some of the data fields within the Shelter Costs/Household Income dimension.

Included alongside the data tables is a guide to HART's housing need assessment methodology. This guide is intended to support independent use of HART's custom data both to allow for transparent verification of our analysis, as well as supporting efforts to utilize the data for analysis beyond what HART did. There are many data fields in the data order that we did not use that may be of value for others.

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 data fields:

Geography:
- Country of Canada, all CDs & Country as a whole
- All 10 Provinces (Newfoundland, Prince Edward Island (PEI), Nova Scotia, New Brunswick, Quebec, Ontario, Manitoba, Saskatchewan, Alberta, and British Columbia), all CSDs & each Province as a whole
- All 3 Territories (Nunavut, Northwest Territories, Yukon), all CSDs & each Territory as a whole

Data Quality and Suppression:
- 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.

- Area suppression is used to replace all income characteristic data with an 'x' for geographic areas with populations and/or number of households below a specific threshold. If a tabulation contains quantitative income data (e.g., total income, wages), qualitative data based on income concepts (e.g., low income before tax status) or derived data based on quantitative income variables (e.g., indexes) for individuals, families or households, then the following rule applies: income characteristic data are replaced with an 'x' for areas where the population is less than 250 or where the number of private households is less than 40. Source: Statistics Canada

- When showing count data, Statistics Canada employs random rounding in order to reduce the possibility of identifying individuals within the tabulations. Random rounding transforms all raw counts to random rounded counts. Reducing the possibility of identifying individuals within the tabulations becomes pertinent for very small (sub)populations. All counts are rounded to a base of 5, meaning they will end in either 0 or 5. The random rounding algorithm controls the results and rounds the unit value of the count according to a predetermined frequency. Counts ending in 0 or 5 are not changed.

Universe:
Full Universe:
Private Households in Non-farm Non-band Off-reserve Occupied Private Dwellings with Income Greater than zero.

Households examined for Core Housing Need:
Private, non-farm, non-reserve, 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 household maintainer aged 15 to 29 attending school are considered not to be in Core Housing Need, regardless of their housing circumstances.

Data Fields:
Note 1: Certain data fields from the original .ivt files were not included in the .csv extracts. Those data fields have been marked with an asterisk (*) below.

Note 2: Certain data fields are new for the 2021 census data order. Those data fields have been marked with a double asterisk (**) below.

Note 3: Certain data fields appear in a different order in 2021 compared to 2016. Those data fields have been marked with a triple asterisk (***) below.

Housing indicators in Core Housing Universe (12)
1. Total - Private Households by core housing need status*
2. Households examined for core housing need
3. Households in core housing need
4. Below one standard only*
5. Below affordability standard only*
6. Below adequacy standard only*
7. Below suitability standard only*
8. Below 2 or more standards*
9. Below affordability and suitability*
10. Below affordability and adequacy*
11. Below suitability and adequacy*
12. Below affordability, suitability, and adequacy*

Tenure Including Presence of Mortgage and Subsidized Housing; Household size (13)
1. Total - Private households by tenure including presence of mortgage payments and subsidized housing*
2. Owner*
3. With mortgage*
4. Without mortgage*
5. Renter*
6. Subsidized housing*
7. Not subsidized housing*
8. Total - Household size
9. 1 person
10. 2 persons
11. 3 persons
12. 4 persons
13. 5 or more persons household

Shelter costs groups/statistics (20)
1. Total – Private households by household income proportion to AMHI_1
2. Households with income 20% or under of area median household income (AMHI)
3. Households with income 21% to 50% of AMHI
4. Households with income 51% to 80% of AMHI
5. Households with income 81% to 120% of AMHI
6. Households with income 121% or more of AMHI
7. Total – Private households by household income proportion to AMHI_2*
8. Households with income 30% and under of AMHI*
9. Households with income 31% to 60% of AMHI*
10. Households with income 61% or more of AMHI*
11. Total – Private households by shelter cost proportion to AMHI_1*
12. Households with shelter cost 0.5% and under of AMHI*
13. Households with shelter cost 0.6% to 1.25% of AMHI*
14. Households with shelter cost 1.26% to 2% of AMHI*
15. Households with shelter cost 2.1% to 3% of AMHI*
16. Households with shelter cost 3.1% or more of AMHI*
17. Total – Private households by shelter cost proportion to AMHI_2*
18. Households with shelter cost 0.75% or under of AMHI*
19. Households with shelter cost 0.76% to 1.5% of AMHI*
20. Households with shelter cost 1.6% or more of AMHI*

Selected characteristics of the households (65)
1. Total – Private households by presence of at least one or of the combined activity limitations (Q11d or Q11e or combined)***
2. Household has at least one person with activity limitations reported for Q11d and Q11e or combined Q11d and Q11e health issues***
3. Total - Private households by presence of at least one or of the combined activity limitations (Q11a, Q11b, Q11c or Q11f or combined)***
4. Household has at least one person who had at least one or of combined activity limitations reported for Q11a, Q11b, Q11c or Q11f***
5.Total - Private households by household type including census family structure*
6. Census family households*
7. One-census-family households without additional person*
8. One couple census family without other persons in the household*
9. Without children*
10. With children*
11. One lone-parent census family without other persons in the household*
12. One-census-family households with additional persons*
13. One couple census family with other persons in the household*
14. Without children*
15. With children*
16. One lone-parent census family with other persons in the household*
17. Multiple-family households*
18. Non-census-family households*
19. Non-family households: One person only*
20. Two-or-more person non-census-family household*
21. Total - Private households by Indigenous household status*
22. Indigenous household status*
23. Total - Private households by visible minority households
24. Visible Minority

Low income cut-offs (LICOs) before and after tax by community size and family size, in current dollars, annual.