Marco sent in this link to a Globe and Mail story about a housing affordability study that looked at cities in six nations, comparing housing prices to incomes. They rate each city with a number of years it would take to pay off the average home with the average local income. Canada as a whole is not bad at all, with a median multiple of 3.2, just slightly above the traditional ‘affordable’ multiple of 3.0.
Regina has great affordability, with a median multiple of 2.0, while Vancouver doesnt fare so well on the affordability scale. Vancouver is rated the 13th least affordable city in this study, with a ‘severely unaffordable’ rating of 7.7
The survey was conducted by Demographia, a US consulting and research firm. The full PDF survey report is available here.