These 2 Canadian Cities Made the Top 10 Most Affordable Housing Markets in the World

There are many reasons to choose to live in Alberta, with its beautiful natural scenery and access to some of the most beautiful walks in the world. However, a new report has also revealed that Edmonton and Calgary are actually two of the most affordable cities in the world for housing, so now your wallet will be happy too.

In the 2022 edition of the Demographia International Housing Affordability report, the Urban Reform Institute and the Frontier Center for Public Policy looked at housing affordability in eight countries around the world.

Edmonton turned out to be the fourth most affordable city, after Pittsburgh, Oklahoma City and Rochester in the US. Alberta was heavily represented, as Calgary was also on the list, completing the top 10.

Affordability was measured using “median multiples,” a price-to-income ratio, the median home price divided by the gross median household income before tax.

While Edmonton and Calgary can celebrate affordability, other Canadian cities have been less fortunate. Vancouver was found to have the least affordable housing in Canada and it was also the third least affordable in the world. This has impacted prices in other markets in BC such as Chilliwack, the Fraser Valley, Kelowna and Vancouver Island.

A similar problem arose in Toronto, which ranked in the top 10 least affordable cities in the world, leading to unaffordable housing spreading to smaller Ontario markets such as Kitchener-Waterloo, Brantford, London and Guelph.

As a whole, the report states that Canada’s housing markets are “seriously unaffordable.”

While some of the cities on the list are still quite affordable, the report said there was an “unprecedented deterioration” in housing affordability during the pandemic.

“The number of severely unaffordable markets increased by 60% in 2021 compared to 2019, the last pre-pandemic year,” it added.

Leave a Comment