Ballooning house prices are bad news for the middle class and young families in Canada’s big cities. A new AIMS study, comparing incomes with housing prices, shows that homes in Vancouver and Toronto are severely unaffordable.
Fortunately, Atlantic Canada defies the trend. Moncton has Canada’s most affordable housing market, followed closely by Fredericton, Saint John, and Charlottetown. While homes in Halifax and St. John’s are more expensive, they have average affordability for urban markets in Canada.
Better prices are advantageous for attracting and retaining people. Public policy in the Atlantic provinces should promote a liberal supply of land and housing, allowing cities in the region to keep prices down.