The Most Affordable Place In The World To Buy A House Is In Canada
Canada still has house price problems, though.
There are a number of cities that definitely don't spring to mind when talking about affordable housing in Canada. However, one Canadian city was recently revealed to not only have the most affordable homes in the country but also the entire world.
According to the Demographia International Housing Affordability Survey for 2020, the most affordable housing market in the world can be found in Fort McMurray, Alberta.
Buying a house in that city requires only about 1.8 times the median income for the area. Prices may also be dropping due to the economic impact on the petroleum sector.
However, insurance costs in the city have gone up due to the the region faced in 2016.
Some residents were unable to return to their homes for up to a month afterward, and a number of homes were destroyed entirely. The population was driven down as some residents decided not to return at all.
In addition to Fort McMurray, Canada has two more spots on the top ten list of most affordable housing markets in the world, both of them in New Brunswick. In Fredericton and Saint John, it takes just 2.4 times the median income to purchase some property.
Canada isn't typically known for having the most affordable housing in the world, particularly in its large cities.
for the least affordable major housing markets in the world, trailing just behind Hong Kong.
Buying a home in Vancouver would require you to have 11.9 times the median income.
Toronto doesn't fare much better, tying with Auckland, New Zealand to be the sixthin the world.
In the 6ix, you'd have to be raking in 8.6 times the median income to afford a house.
Based on this report, Canada's house price to income ratio also continues to grow, indicating that buying a home might only become more difficult in the future.