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House-price-to-income ratio in selected countries globally 2019

The house-price-to-income ratio in Canada was equal to 122.33 percent in the first quarter 2019 and was the least affordable country analyzed. This means that house prices in Canada outpaced Canadian incomes by 22.3 percent. It also shows that house prices grew faster than incomes in most of the countries. Portugal, the Netherlands and Ireland were the next most unaffordable countries.

Spotlight on Canada

The house price to income ratio in Canada steadily rose between 2015 and 2017, but the ratio has remained steady since then. This is likely due to the cooling of the housing market since 2018 due to the recently introduced mortgage stress test, the foreign buyers tax in British Columbia and higher interest rates. Average house prices in Canada are forecast to drop over the next few years. This should increase housing affordability in the country too, so Canada’s house price to income ratio should fall as a result.

House-price-to-income ratio in selected countries worldwide as of 1st quarter 2019

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Sources

Release date

November 2019

Region

Worldwide

Survey time period

as of Q1 2019

Supplementary notes

Ratio of prices to income per person after tax. 2015 equals 100.
Data for South Africa is as of Q4 2017.
Data for Chile is as of Q4 2018.

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Statistics on "Residential housing market in Australia"

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