Canada’s homes ranked among the world’s top 15 most affordable

Vancouver Island

Although home prices in Canada’s various real estate markets are soaring, Canada remains one of the more affordable areas to buy a home when compared to other countries across the world.

Canada is the 14th most affordable place to buy a home, according to a recent list from British-based building supplier Roofing Megastore. In terms of affordability, Canada outperformed Australia, the Netherlands, Sweden, Italy, and the United Kingdom.

Canada was beaten out by countries with far higher housing price-to-income ratios, with the typical Canadian salary covering only 8.53 percent of the cost of an average home and an anticipated 11.7 years of saving required before being able to buy one.

The most affordable country in the world is Saudi Arabia, where the average salary is equal to 22.42 percent of the cost of a 1,000 square foot home. The top five countries were South Africa, the United States, Puerto Rico, and the United Arab Emirates.

The survey also looked at the world’s most housing-inaccessible countries, where the typical salary only covered a quarter of the cost of a 1,000-square-foot home. The average salary in Ghana, the least affordable country, was 0.67 percent of the cost of a home. The second-place finisher was Sri Lanka, followed by Hong Kong, Jamaica, and Iran.

As bad as Canada’s affordability is, it’s interesting to see how much harder it can be for people in other countries to find affordable homes.

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