"Charles St-Arnaud, the chief economist at Alberta Central, the central bank for the province’s credit unions, started out his inquiry with a simple question: How far would prices need to fall, or would incomes need to rise, to make housing affordable again in Canada?
The answer for most cities in Canada is “too much.”
(For his calculations, Mr. St-Arnaud defined affordable housing as not consuming more than 30 percent of its owner’s after-tax income, including utilities, property taxes and insurance. He also assumed that homeowners put 20 percent of the purchase price in a down payment and spread their mortgages out over 25 years — the typical arrangement in Canada.)" [1]
1. Few Good Solutions as Home Affordability Plummets. Austen, Ian. New York Times (Online) New York Times Company. Feb 24, 2024.
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