In addition to home costs, the price of dwelling, shortfall in wage, market volatility, and rising rates of interest are all hurdles to homeownership.
“Regardless of affordability challenges throughout the cost-of-living spectrum, Canadians are nonetheless keen to interact within the housing market – even when it means making some sacrifices within the short-term to attain inexpensive house possession,” commented Christopher Alexander, president, RE/MAX Canada.
Most inexpensive markets
Primarily based on common residential promoting worth, Brandon, MB ranked as essentially the most inexpensive market in 2022, changing Winnipeg which took that accolade in 2021. Regina, SK, St. John’s, NL, Moncton, NB and Purple Deer, AB, full the highest 5.
Nonetheless, affordability additionally depends upon the share of earnings that’s required for mortgage funds.
By that metric, Purple Deer, AB ranked as Canada’s most inexpensive market, with 25.86% of common month-to-month earnings spent on the average-priced house.
