Quarterly house price to income ratio in Canada Q1 2012-Q3 2022
Canadian home prices are falling
Canadian house prices rose steadily in recent years. This was also the case in British Columbia, which has consistently been the most expensive province for housing. This is likely due to the fact that Vancouver, Canada's most expensive city, is located there.
Canadian incomes are rising
Incomes in Canada have steadily risen since 2000 and show no signs of slowing down in the near future. This should improve housing affordability, as long as home price growth slows down.