June 17, 2022Worst decline for housing affordability in a generation
Housing affordability in Canada worsened by 4.9 points in Q1’22, marking a fifth consecutive quarterly deterioration. The first quarter of 2022 was also the worst quarterly deterioration in over 27 years. Over the last 12 months, the worsening in affordability was the nastiest in 40 years. For the first time since 1994, it would make more than 50% of income for a representative household to service the mortgage on a representative home in Canada’s main urban centres.