Cape Breton Homes Most Affordable in Canada, 5th Most Affordable in World

According to the Fifth Annual Demographia International Housing Affordability Survey, Cape Breton ranked number one of 10 cities found to have affordable housing out of 34 Canadian Markets.

Cape Breton also ranked the fifth most affordable housing market internationally.

The Nova Scotia Association of Realtors (NSAR) received a certificate from Demographia's Canadian partners, the Frontier Centre for Public Policy, that recognizes Cape Breton as an affordable metropolitan housing market where the Median Multiple for housing affordability is 3.0 or less - judged as "affordable."

Measure of Affordability 2.1 vs. as High as 8.4 Elsewhere in Canada!

This means that the median house price is not more than three times the median household income. Cape Breton stands out as a model for others for having achieved a Median Multiple of 2.1.

Some housing markets are now approaching Median Multiples of 9.0, or three times the traditional level. Ex. Vancouver has a median multiple of 8.4.

NSAR President Linda Smardon says of the achievement: "Affordable housing is not about low housing prices - it's about prices that are well suited to the economic climate in that area.

"Affordable housing means that more people can aspire to home ownership in Cape Breton, and home ownership contributes to community responsibility; civic, economic, business and employment stability; family security and well being."

A Reason why People Move within Canada, US and Globally

The news release went on to say that housing affordability is coming to be recognized as a driver of internal migration on a very large scale in Canada, the United States, and internationally.

Not only does this indicate that houses are over four times less affordable compared to income than frontrunner Cape Breton, but mortgage servicing costs are also much greater.

Here are the 10 Canadian metropolitan markets with a Median Multiple of less than 3.0:

Rank

Int'l       CA        Area                          Multiple

5          1          Cape Breton, NS           2.1

12         2          Thunder Bay, ON           2.2

17         3          Chatham, ON                2.3

17         3          Windsor, ON                 2.3

24         5          Moncton, NB                 2.4

39         6          Saguenay, QC               2.6

48         7          Trois-Rivieres, QC         2.7

48         7          Saint John, NB              2.7

61         9          St. John's, NL               2.8

80         10         Winnipeg, MB               3.0

 

Robert Doucette is a sales representative with Century 21 Bayside Real Estate in Cape Breton Island, NS.

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