Affordability of Housing

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According to Canadian Mortgage and Housing Corporation (CMHC, 2008), from a fixed sample, the average rent for a 2 bedroom (new and existing structure) was $752 in 2006, $760 in 2007 and $774 in 2008, representing a 2.8% increase in Niagara. In the summer of 2006, CMHC reported the average price of a home was $381,000, up from $342,000 a year earlier for an 11% increase.

 

 The average price of a single detached home in Niagara was $231,000 in 2003 and beyond the reach of households earning less than $70,000. The cost of a home was 3 times higher than the median family income in Niagara at that time. Annual incomes in Canada from 2001 to 2004 indicated that 4 annual incomes were required on average to purchase a home. CMHC developed an indicator related to housing affordability to identify the amount of time a worker would have to work, making an average wage in their community to be able to buy an average priced home. Based on their data, Niagara residents would have to work 171 hours a month. Only having a full-time job, high earnings or two incomes would make this possible.

Source: http://www.regional.niagara.on.ca/living/saeo/reports/pdf/PovertyReport.pdf

 

 

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