
Canada’s housing crisis heightened in 2020 and 2021, when families with median incomes faced an average house price that was as high as seven to nine times their annual income. Surging home prices and relatively stagnant income growth combine to make the dream of home ownership beyond the reach of most Canadians, especially young people, unless either house prices fall by half or earnings double.
The rental market is no more affordable. Renters spend on average more than 35 per cent of their incomes on rent. In tighter markets such as Toronto and Vancouver, rents could be as high as 45 per cent of income.
Housing unaffordability is a dire issue.












