March 26, 2019

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Winnipeg housing ranked as "unaffordable" for middle incomes

SEAN KILPATRICK / WINNIPEG FREE PRESS</p><p>Winnipeg is an unaffordable housing market for middle-income residents but not as unaffordable as housing in many other Canadian cities, according to a new survey.</p>

SEAN KILPATRICK / WINNIPEG FREE PRESS

Winnipeg is an unaffordable housing market for middle-income residents but not as unaffordable as housing in many other Canadian cities, according to a new survey.

Hey there, time traveller!
This article was published 23/1/2017 (791 days ago), so information in it may no longer be current.

Winnipeg is an unaffordable housing market for middle-income residents but not as unaffordable as housing in many other Canadian cities, according to a new international study by a non-partisan, independent Canadian research institute.

In its 13th annual Demographia International Housing Affordability Survey released on Monday, the Frontier Centre for Public Policy said of the 40 Canadian housing markets included in this year's survey, 10 are ranked as affordable; 13, including Winnipeg, are ranked as moderately unaffordable; 10 are considered to be seriously unaffordable; and seven are ranked as being severely unaffordable.

To determine affordability, the report uses the median multiple, which is the median house price in a market divided by the median household income. It pegs Winnipeg's median house price at $257,400, and its median income at $69,800, for a median multiple of 3.7.

It said that in terms of most affordable to least affordable, Winnipeg ranked 15th best among the 40 Canadian cities surveyed, and 162nd among the 406 cities surveyed worldwide.

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Hey there, time traveller!
This article was published 23/1/2017 (791 days ago), so information in it may no longer be current.

Winnipeg is an unaffordable housing market for middle-income residents but not as unaffordable as housing in many other Canadian cities, according to a new international study by a non-partisan, independent Canadian research institute.

In its 13th annual Demographia International Housing Affordability Survey released on Monday, the Frontier Centre for Public Policy said of the 40 Canadian housing markets included in this year's survey, 10 are ranked as affordable; 13, including Winnipeg, are ranked as moderately unaffordable; 10 are considered to be seriously unaffordable; and seven are ranked as being severely unaffordable.

To determine affordability, the report uses the median multiple, which is the median house price in a market divided by the median household income. It pegs Winnipeg's median house price at $257,400, and its median income at $69,800, for a median multiple of 3.7.

It said that in terms of most affordable to least affordable, Winnipeg ranked 15th best among the 40 Canadian cities surveyed, and 162nd among the 406 cities surveyed worldwide.

The report notes Canada's two largest cities — Vancouver and Toronto — are both ranked as severely unaffordable, with median multiples of 11.8 and 7.7 respectively.

It also notes all of the major Prairie cities surveyed fared better than either of the country's two largest centres in this year's survey, and two of them — Winnipeg and Regina — fared "comparably better." It said Regina has a median multiple of 3.6.

Vancouver garnered the country's worst affordability rating by having a median house price of $830,100 and a median household income of only $70,500. Toronto had the second worst with a median house price of $615,800 and a median income of $79,700.

The report said the economic health of Canada's housing market has been deteriorating rapidly in recent years.

"Both international and national organizations have expressed concern about the damage that rising prices (some suggest a "housing bubble") could do to the national economy," it adds.

murray.mcneill@freepress.mb.ca

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