Can’t say we saw this one coming! A new study has named Canada’s housing market one of the most affordable in the world based on how much money residents make. It may not seem anywhere close to affordable to us locals, especially not in the major cities — but on a global scale, we’re faring quite well.
British company Roofing Megastore compared the average cost of a 100 sq m home in every country in the world and the average salaries of the people who live there. The ranking maps out each of the calculations as a percentage, with the most affordable being 22.42% and the least affordable being 0.67%.
Canada’s score came out to 8.53%, ranking among the highest alongside Australia at 8.40%, Iceland at 9.81%, the United States at 15.01%, and South Africa at 18.17%. Overall, Canada landed in 14th place on the ranking.
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Roofing Megastore identifies Saudi Arabia as the most affordable place to buy a home in the world, where the average salary is over 22% of the cost of an entire home.
Of the least affordable countries, Ghana takes first place with a score of 0.67%, followed by Sri Lanka at 1.33%, Hong Kong at 1.36%, and Jamaica at 1.63%.
As for the highest property prices, Hong Kong leads the way with an average cost of over £2 million for a 100 sq m home, which is equal to about $3.3 million CAD.
By comparison, the average price of a home in Canada is set to hit $718,000 in 2022. That’s because Canada’s “record low” supply of homes for sale and ever-increasing demand is driving prices way up. Even though $718,000 isn’t exactly what you’d call cheap, compared to Hong Kong, that’s basically a bargain.
That’s not to say that Canada itself is an affordable place to live. In fact, Toronto and Vancouver were recently ranked some of the least affordable cities in North America. In fact, Vancouver’s real estate prices are also among the most expensive in the world.