Affordability of homes Canada 2018-2023, by property type

Published by Statista Research Department, Jan 29, 2024

Home affordability has worsened substantially in Canada since 2021. In January 2023, the monthly single-family mortgage payment amounted to approximately 66 percent of a household's income, on average. In 2021, when affordability had improved slightly, the average mortgage payment constituted 47 percent of a household's income.

Affordability of homes in Canada 2018-2023, by property type

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Release date

December 2023

Region

Canada

Survey time period

2014 to 2023

Special properties

as of January of each year

Supplementary notes

Affordability of homes was calculated as share of mortgage payment in average household income, average home price, 25% down payment, 25-year amortization and 39% gross debt service ratio.

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