Canada’s Middle-Income Housing Affordability Crisis
Canada has a serious middle-income housing affordability crisis. Canada’s house prices have grown nearly three times that of household income since 2000. This contrasts with the stability between growth in house prices and household income during the previous three decades. These house-price increases raised serious concerns at the Bank of Canada and at international financial organizations such as the Organisation for Economic Co-operation and Development (OECD) and the International Monetary Fund (IMF). This public policy report examines overall housing affordability in 35 housing markets, including all 33 CMAs and two census agglomerations.