In a recent study conducted by the Urban Reform Institute and the Frontier Centre for Public Policy, several Canadian cities have been recognized for their affordability, with one city even ranking in the top five globally.
The affordability index, calculated for 92 cities worldwide, utilized a measure known as the “median multiple,” which is obtained by dividing the median house price by the average gross household income.
Edmonton, Alberta, emerged as one of the most affordable cities in Canada, tying for fourth place with St. Louis, Missouri, boasting a median multiple of 3.3. Following closely behind is Calgary, securing the tenth spot with a score of 4.0.
However, not all Canadian cities share the same level of affordability. Vancouver, known for its high cost of living, ranked among the world’s least affordable cities, surpassing even Sydney, Australia, and Hong Kong, with a median multiple of 13.3.
Other Canadian cities featured in the study include Ottawa-Gatineau (5.6), Montreal (6.1), and Toronto (10.5).
On a global scale, Pittsburgh, Pennsylvania, claimed the top spot as the most affordable city, with a median multiple of 2.7. Conversely, Hong Kong ranked as the least affordable city, with a staggering median multiple of 23.2.
For those seeking more affordable housing options, considering a move to Edmonton may be a favorable choice.
Conclusion:
The inclusion of several Canadian cities among the world’s most affordable underscores the country’s diverse housing market. While some cities offer accessible housing options with favorable median multiples, others grapple with affordability challenges, reflecting the varying economic landscapes across different regions.
