The results of the 10th Annual Demographia International Housing Affordability Survey are out and Kitchener real estate is rated moderately unaffordable with a median multiple of 3.9. The results were taken from 3rd Quarter sales data and were achieved by dividing the median house price by the median household income. The median price for a Kitchener house was $282,700 while the median household income came in at $71,600. Note the Kitchener Census Metropolitan Area includes Kitchener, Waterloo and Cambridge.
Interestingly, the average house in Canada had a median multiple of 3.9. Affordable housing is said to have a median multiple of 3.0 or less. The last time Canada was rated as affordable was in 2000 when we had a median multiple of 3.0. Just 7 cities in Canada were judged to have affordable housing including Windsor and Thunder Bay. At 3.9, Kitchener was joined by residents of Guelph, Quebec City, Edmonton and Winnipeg.
For the full results of the survey http://demographia.com/dhi.pdf