The housing market is an oft-talked about subject, not only for people who are looking to buy or sell a home, but for anyone that is hoping to understand the general economic climate of their city. 

That's because the housing market doesn't only impact people who are looking to buy or sell a home - it inevitably impacts homeowners and renters as well as businesses of all sizes. 

So how do the five major Canadian cities compare to the rest of North America?

Well, according to ZooCasa, it looks like Canada really runs the gamut, from super affordable to a fantastical level of unaffordable. Check out the data below.

READ ALSOCanadians Are Mobilizing To Demand Lower Cell And Internet Costs From Telecom Companies

TL;DR According to ZooCasa, Vancouver is the second most unaffordable city in all of North America, while Calgary might be the most affordable. We broke down the five Canadian cities considered in their study to better understand what makes a city affordable or not.

Below is information on five major Canadian cities: Vancouver, Calgary, Toronto, Ottawa and Montreal.

The data provided by ZooCasa includes the median home price of the city in question, as well as the income required to purchase said home.

They then compare the actual average household income with that of the required income needed to make a house purchase. This results in the final figure, which shows the difference between what someone needs to make and what the average person in that city actually makes, thus defining the city's "affordability".

Here are the five cities featured on ZooCasa's map, from
Most to Least Affordable:


Calgary, Alberta

Median Home Price: $401,746

Income Required To Afford Median Home: $57,286

Actual Median Household Income: $97,756

Difference Between Actual Income And Required Income: +$40,470


Ottawa, Ontario

Median Home Price: $452,665

Income Required To Afford Median Home: $64,545

Actual Median Household Income: $86,353

Difference Between Actual Income And Required Income: +$21,808


Montreal, Quebec

Median Home Price: $396,233

Income Required To Afford Median Home: $56,500

Actual Median Household Income: $62,053

Difference Between Actual Income And Required Income: +$5,553


Toronto, Ontario

Median Home Price: $642,664

Income Required To Afford Median Home: $91,640

Actual Median Household Income: $66,102

Difference Between Actual Income And Required Income: -$25,538


Vancouver, British Columbia

@fairmontwaterfrontembedded via  

Median Home Price: $1,160,866

Income Required To Afford Median Home: $165,554

Actual Median Household Income: $65,608

Difference Between Actual Income And Required Income: -$99,946


According to ZooCasa, the "income required" is based on the city's median home or benchmark price with a down payment of 20% and a mortgage amortization (or loan term) of 30 years at the interest rate of 3.75%. This doesn't include expenses like taxes or utilities.

ZooCasa sourced their household incomes from Stats Canada and converted them to US Dollars in the above infographic. I have switched all the figures above back to Canadian Dollars.

Take a look at the full North American map below:

Via ZooCasa.com

 

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