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Does the average citizen have a better opportunity to afford buying a home in Canada or America?
That’s the question asked in a new study by Point2 Homes and the results show that Canadians have it rough when it comes to affording housing.
According to the results, Canadians on average pay 56% more to own a home, and 25% more to rent compared to a decade ago.
Those south of the border, now pay only 24% more to own a home and 27% more to rent when compared to American housing prices a decade ago.
The discrepancy in real estate affordability is compounded when comparing average income increases in each country.
Americans have seen their average income increase by 18% since 2008, while Canadians have only enjoyed a 15% increase.
However, the report notes that the median statistics are skewed by severely inflated housing markets in each country like Vancouver and New York.
According to RENTCafé.com, renters in Manhattan see an average price of $4,119 USD, $3,590 USD in San Francisco and $3,379 USD in Boston, MA.
North of the border, Vancouver and Toronto still see the highest priced rentals across the board, with rent in both cities hovering around $2,000 CAD.
“The future direction of Canada’s housing market is difficult to forecast, there is no doubt that both homebuyers and renters north of the border face tighter conditions than their neighbours to the south,” the report said.
To read the full report, click here.
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