Homes less affordable across Canada: Study
By Mark Iype, Postmedia News January 26, 2011 Comments (15)
Read more:
http://www.canada.com/business/Homes+les...a+Study/4169815/story.html#ixzz1CC1NR319
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About 75 of the 325 cities analyzed were labelled "severely unaffordable," where housing costs more than five times the average income. Along with Vancouver, three other cities in B.C. — Victoria, Abbotsford and Kelowna — fell into that category.
The only two other "severely unaffordable" Canadian cities were Montreal and Toronto, where homes cost 5.2 and 5.1 times median income, respectively.
And while Calgary and Edmonton continue to see rapid growth and soaring home prices, Saskatoon has overtaken the Alberta hubs in terms of housing affordability.
A home in Saskatoon now costs $277,000, which is about 4.3 times the average annual salary of $63,900. A home in Calgary will cost four times the annual median salary, while it is 3.5 times the median salary in Edmonton. Both those cities have high average annual salaries — more than $80,000 a year in both — that help to offset the high cost of housing.
[...]
Read more:
http://www.canada.com/business/Homes+les...a+Study/4169815/story.html#ixzz1CC1wpQPE
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Surprisingly ridiculous! The crash is right around the corner...
What is pushing demand? This is beginning to baffle me.
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