The post we’re linking to here is getting a little long in the tooth, but it’s a good illustration of how affordability in the U.S. compares with Canada and the data hasn’t changed much if any.
In raw terms, Canada is considerably more expensive than the U.S. As of mid-2019, Numbeo pegs the Canadian home price-to-income ratio at 7.88 (the median home costs 7.88 times median household income). The U.S. ratio is just 3.54. But as zoocasa points out, other factors make the practical differences smaller than they might appear:
American and Canadian home buyers may have their unique cultural nuances, but whether they live north or south of the border, they face similar issues when buying housing: incomes keeping pace with real estate prices in the hottest markets.
While real estate in our respective countries has been impacted by dramatically different economic events – Canada has been largely spared the fallout of a popped housing bubble and resulting mortgage crisis – there are several similar trends…