Canadian Real Estate Not So Bad Compared to the Global Market

According to new data released by the National Bank Financial, affordability in the Canadian housing market is bad, but it could be worse.

Canadian housing vs. global housing

Economists Matthieu Arseneau and Kyle Dahms recently compared Canada's three largest metro areas to 15 comparable cities in Europe, North America and Asia.

Ultimately, the report revealed that on a global scale, Canadian housing is actually cheaper than homes in London, Tokyo, Hong Kong, Rome, New York, Paris, Stockholm and Vienna.

For example, in Beijing and Hong Kong, a condo will cost you 34.7 times the average income. In Canada's least affordable city -- Vancouver -- it would only cost you 11.3 times the average income.

Of course the study only looked at condos, but do not despair, according to the Canadian Real Estate Association (CREA), the market seems to be more favourable to buyers right now. Sorry sellers!