A recent study by MetroVancouverHomeSource.com ranked the provinces in Canada based on their housing affordability.
The study examined the average home prices and average annual incomes in each province to determine the rankings. Below is the ranking from the most affordable province to the least affordable province, along with the average home prices:
- Newfoundland and Labrador ($291,806)
- New Brunswick ($289,785)
- Prince Edward Island ($388,844)
- Nova Scotia ($411,784)
- Manitoba ($360,373)
- Québec ($483,573)
- Saskatchewan ($303,260)
- Alberta ($447,444)
- British Columbia ($996,460)
- Ontario ($931,870)
The study found that Ontario is the most affordable province to buy a home, with an average home price of $931,870 and an average annual income of $41,690.
Despite British Columbia’s reputation for high housing costs, it ranked slightly better due to lower mortgage insurance premiums.
Alberta had the second-highest average annual income but still faced challenges with high costs in various categories. These rankings reflect the affordability challenges currently taking place in the Canadian housing market, especially in provinces with high real estate prices compared to income levels.
