Housing Affordability in Canada: 2022 RE/MAX Report

Relocation, relocation, relocation: Canadians love their neighbourhoods, however will transfer to attain housing affordability

  • For 64 per cent of Canadians, relocation is among the many prime sacrifice they’d be prepared to make with the intention to obtain housing affordability; nevertheless, half (50 per cent) agree that the farthest they’d go can be lower than 100 kilometres
    • 56 per cent say that shifting to a distinct neighbourhood/neighborhood can be one of many prime three sacrifices they’d make
    • 38 per cent would make the sacrifice of shifting to a distinct metropolis/province/area no matter distance
  • 38 per cent of Canadians outline housing affordability as a house they will afford that meets their primary wants, and contains some liveability components, resembling inexperienced areas and eating places
  • Primarily based on common residential promoting worth, Brandon, MB ranked as essentially the most reasonably priced market in 2022, changing Winnipeg which was most reasonably priced in RE/MAX Canada’s 2021 rating. That is adopted by Regina, SK (which remained on the listing year-over-year), St. John’s, NL, Moncton, NB and Purple Deer, AB
  • Primarily based on the share of earnings spent on mortgage funds, Purple Deer, AB ranked as Canada’s most reasonably priced housing market, with 25.86% of common month-to-month earnings spent on the average-priced residence. That is adopted by Regina, SK (26.94%) and Brandon, MB (27.73%) in Western Canada. Japanese Canada’s most reasonably priced areas to purchase a carry a mortgage embody Thunder Bay, ON (29.78% of month-to-month earnings spent on mortgage), adopted by St. John’s, NL (31.45%) and Moncton, NB (33.4%)
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Toronto, ON and Kelowna, BC (July 20, 2022) — RE/MAX® Canada’s 2022 Housing Affordability Report reveals that 68 per cent of Canadians are prepared to make a minimum of one sacrifice to purchase a house they will afford, in response to a Leger survey commissioned by RE/MAX Canada. The most typical concession is relocation, as recognized by 64 per cent of survey respondents – a pattern that continues to reign as a main affect in native housing markets throughout the nation, say RE/MAX brokers. That is adopted by 56 per cent indicating they’d be prepared to sacrifice the kind of residence they bought; buying a house underneath co-ownership with household and pals, as recognized by 29 per cent of survey respondents; and renting part of their residence for added earnings, at 27 per cent.

In accordance with the identical Leger survey, 43 per cent of Canadians mentioned the excessive worth of actual property of their space was a barrier to entry into the market. That is up one per cent from final yr. Different hurdles embody the next price of residing (35 per cent); a shortfall in wage (24 per cent, down two per cent from 2021); market volatility (24 per cent); and rising rates of interest (24 per cent, up six per cent from 2021).

“Regardless of affordability challenges throughout the cost-of-living spectrum, Canadians are nonetheless keen to have interaction within the housing market – even when it means making some sacrifices within the short-term to attain reasonably priced residence possession,” says Christopher Alexander, President, RE/MAX Canada.

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RE/MAX Canada requested Canadians to outline what “housing affordability” means to them – 38 per cent of survey respondents outlined reasonably priced housing as “a house they will afford and meets their primary wants, and contains among the liveability components they like resembling proximity to highschool; or walkable neighbourhoods,” to call a number of.

“Whereas we await governments to implement a nationwide housing technique to spice up Canada’s provide of reasonably priced housing, within the short-term the market is beginning to cool and stability itself out, bringing some much-needed aid from the sky-high costs that we skilled throughout a lot of the pandemic. This pattern is basically being pushed by increased rates of interest,” says Alexander.

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