Home Affordability in Canadian Metro Areas (July 2026)
The home price-to-median household income ratio, a key affordability indicator, has fallen in Ontario, stayed elevated in BC, and risen in Quebec over the past two years.
🔍 Key Insights
- 1️⃣ Trends: Ontario has grown more affordable while Quebec has grown less affordable over the past two years.
- 2️⃣ The $/sqft story: Vancouver ($711/sqft) is over 3.5x Winnipeg ($194/sqft), the widest spread in the dataset. Ottawa-Gatineau stands out as a value outlier, with the 2nd-highest income in Canada ($106K) yet just $341/sqft, 35% below Toronto.
- 3️⃣ The BC/Ontario squeeze vs. Prairie affordability: Vancouver (12.7x), Victoria (10.9x), Kelowna (10.1x), and Toronto (9.9x) are miles ahead of the rest of the country, while Saskatoon (4.4x) and Regina (3.8x) sit in a completely different affordability universe.
Key Factors Driving Low Affordability:
- 1️⃣ Hidden Incomes/Money Laundering: Unreported overseas income skews local affordability metrics in several cities near the top of the list.
- 2️⃣ Restrictive Zoning: Constrains housing supply elasticity in cities facing the highest demand.
- 3️⃣ Warmer Climate: Milder climates attract higher demand.
- 4️⃣ High Development Charges: E.g., Vancouver's 2022 high-rise development fee averaged $125K/unit vs. just $7K in Edmonton.
Home Affordability of Canadian Metro Areas (July 2026)
| Metro Area | Price-to-Income Ratio ▼ | Home Price (Average) | Gross Median Household Income | Home Price Per Sqft. |
|---|---|---|---|---|
| VancouverBC | 12.7 | $1.22M | $96K | $711 |
| VictoriaBC | 10.9 | $994K | $92K | $561 |
| KelownaBC | 10.1 | $922K | $92K | $439 |
| TorontoON | 9.9 | $1.00M | $101K | $523 |
| MontrealQC | 7.9 | $694K | $87K | N/A |
| HamiltonON | 7.7 | $741K | $97K | $405 |
| Abbotsford*BC | 7.4 | $725K | $98K | $362 |
| SherbrookeQC | 7.4 | $562K | $76K | N/A |
| Waterloo Region*ON | 7.2 | $706K | $98K | $392 |
| LondonON | 7.1 | $603K | $85K | $349 |
| Niagara Region*ON | 7 | $572K | $82K | $339 |
| BarrieON | 6.5 | $668K | $103K | $350 |
| HalifaxNS | 6.4 | $578K | $91K | $328 |
| WindsorON | 6.3 | $547K | $87K | $311 |
| Ottawa-GatineauON, QC | 6.1 | $645K | $106K | $341 |
| CalgaryAB | 5.8 | $630K | $109K | $300 |
| QuebecQC | 5.7 | $492K | $86K | N/A |
| EdmontonAB | 5 | $475K | $95K | $251 |
| WinnipegMB | 4.7 | $408K | $87K | $194 |
| St. John'sNL | 4.7 | $428K | $92K | $246 |
| SaskatoonSK | 4.4 | $436K | $100K | $263 |
| ReginaSK | 3.8 | $380K | $101K | $243 |
Metro areas with population over 200K. Abbotsford* represents the Abbotsford-Mission metro area; Niagara Region* represents the St. Catharines-Niagara metro area; Waterloo Region* represents the Kitchener-Cambridge-Waterloo metro area. Benchmark home price used instead of average home price for Abbotsford, Niagara Region, and St. John's. Home price per sqft is calculated based on the average total living area of a dwelling in the city. Sources: Incomes — Statistics Canada; Home Prices — Regional Real Estate Boards; Average Total Living Area — Statistics Canada.
Follow us on social media for more posts
Disclaimer:
- Any analysis or commentary reflects the opinions of WOWA.ca analysts and should not be considered financial advice. Please consult a licensed professional before making any decisions.
- The calculators and content on this page are for general information only. WOWA® does not guarantee the accuracy and is not responsible for any consequences of using the calculator.
- Financial institutions and brokerages may compensate us for connecting customers to them through payments for advertisements, clicks, and leads.
- Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.