Newly released data illustrates how home prices, interest rate hikes and slow wage growth have eroded homebuyers’ purchasing power
The disparity between income and home prices has become more pronounced over the past four-and-a-half years, according to newly released data.Housing prices have increased by roughly 26.4 per cent across Canada between January 2019 and June 2023.
The relationship between median income and the average home price in Canada remains detached, despite measures to correct part of the Canadian housing market and interest rate hikes to battle inflation. Zoocasa gathered data over the last five years that compares average housing price, median income and mortgage data.
Between January 2019 and June 2023, maximum affordability for median income earners in Vancouver has decreased by roughly $40,000, according to Cosgarea.
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