A couple of weeks ago, we introduced our Weekly Housing Affordability Metric (WHAM) and showed how housing affordability has changed over time in Winnipeg, Edmonton, and London, Ontario. Naturally, readers wanted to know what the situation looked like in their city, so let’s take a look.
A WHAM score measures the number of weeks of pre-tax income needed to save for a 20% downpayment for a home and the first five years of mortgage payments, taking into account 5-year fixed mortgage rates, the median weekly wage in a province for 25-to-54-year-olds, and home prices.
