Changes in housing affordability from Q4 2014 to Q4 2015 show significant divergence among markets. Affordability deteriorated in Vancouver, Toronto, Victoria, and Hamilton and improved in the other six markets. The sharpest deterioration from a year earlier was in Vancouver, where the MPPI rose 3.4 percentage points, with home prices up 11.9% from a year earlier and median income up only 2.6%.

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