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

House-price-to-income ratio
Canada 122.33%
Portugal 119.34%
Netherlands 117.19%
Ireland 114.68%
Spain 114.6%
New Zealand 113.92%
Germany 113.78%
Czech Republic 113.56%
Luxembourg 112.03%
Austria 111.13%
Slovak Republic 109.23%
United States 108.09%
Slovenia 107.67%
United Kingdom 106.87%
Switzerland 106.67%
Hungary 105.95%
Norway 105.56%
Denmark 104.87%
Sweden 103.6%
Australia 102.43%
Japan 102.14%
Belgium 101.94%
Chile 101.36%
France 100.86%
Latvia 100.8%
South Africa 98.91%
Lithuania 97.07%
Poland 96.3%
Estonia 95.55%
Greece 95.55%
Finland 94.28%
Korea 93.69%
Italy 92.03%
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Release date

November 2019



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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