Edmonton tied for 5th most affordable city for housing in world, Toronto, Vancouver, among least: report
The annual Demographia International Housing Affordability Report ranks Edmonton as tied for fifth most affordable city in the world.
Demographia is an international public policy consulting firm, this is the 20th year for the report.
The report examines 94 major markets across eight countries and nations, including:
- Australia
- Canada
- China
- Ireland
- New Zealand
- Singapore
- The United Kingdom
- The United States
A median price-to-income ratio is used to determine affordability. This is determined by dividing the median home price by the median household income.
A chart showing the number of cities in each country examined in the report ranked by housing affordability. (2024 Demographia International Housing Affordability Report)
Of the top 10 most affordable cities on this list, Edmonton is tied for fifth place, the full list is:
- Pittsburgh (3.1)
- Rochester (3.4)
- St. Louis (3.4)
- Cleveland (3.4)
- Edmonton (3.6)
- Buffalo (3.6)
- Detroit (3.6)
- Oklahoma City (3.6)
- Cincinnati (3.7)
- Louisville (3.7)
"Middle-income households face rapidly escalating housing costs, which is the primary cause of the present cost-of-living crisis," the report stated. "Affordability is disappearing in high-income nations as housing costs now far outpace income growth.
"The crisis stems principally from land use policies that artificially restrict housing supply, driving up land prices and making homeownership unattainable for many."
Of the 94 markets ranked, Vancouver is the least affordable market in Canada, third least affordable overall. Only Hong Kong and Sydney rank lower.
"Vancouver has been the first, second or third least affordable major market for each of the last 16 years," stated the report.
The house price data for the report came from sources reporting on housing types and government sales registers. Household income data was estimated based on official government data.
The full report is available online.
CTVNews.ca Top Stories
Former Calgary mayor Naheed Nenshi wins Alberta NDP leadership
Former Calgary mayor Naheed Nenshi will replace Rachel Notley as the Alberta NDP leader after receiving 86 per cent of the vote on the first ballot.
Woman found dead alongside three relatives remembered as selfless, caring mother
A woman who was found dead alongside three of her family members at a home in rural southwestern Ontario this week is being remembered as a selfless, caring mother who worked tirelessly for her community.
Accessibility uproar after Olds, Alta., woman with cerebral palsy threatened with $5K fine for using mobility aid
An Olds, Alta., woman with accessibility issues is speaking out against the town after local bylaw officers informed her she would receive a $5,000 fine if she was caught using her mobility scooter on any street, sidewalk or pathway in town.
B.C. First Nations involved in salmon farming demand apology from William Shatner, Ryan Reynolds
A coalition of B.C. First Nations involved in open-net salmon farming have called on Canadian actors William Shatner and Ryan Reynolds to apologize for a profanity-laced video criticizing the wider industry.
OPINION If Dolly Parton can be cancelled, we're in serious trouble
The person most unlikely to be cancelled in U.S. history — iconic American singer, songwriter and actress, Dolly Parton — has been caught in the crosshairs of cancel culture.
Man trying to drown two children on Connecticut beach is stopped by officers, police say
A man trying to drown two small children at a Connecticut beach early Saturday morning was thwarted by police officers, according to authorities.
Vehicle involved in inter-provincial missing child investigation located in Saskatchewan
The vehicle which is believed to be involved in an inter-provincial missing child investigation has been located in Saskatchewan.
Toddler, 40-year-old identified as victims in deadly quadruple shooting in Vaughan, Ont.: police
A toddler and a 40-year-old were killed in a quadruple shooting at a Vaughan, Ont. residence Friday morning, as police announce an arrest in what they're describing as a 'targeted' incident.
'Happy Bday M8!': William meets Taylor Swift backstage at London show
Taylor Swift brought her Eras Tour to London’s Wembley Stadium on Friday with some famous faces in the audience, including the Prince of Wales and two of his children, Prince George and Princess Charlotte.