Good graphic below with some troubling data. CMHC suggests that housing should not constitute more than 30% of a household’s monthly income. Spending much more on shelter, leaves little room for other necessities like saving for retirement and children’s education. This adds up to poor resource utilization and diminished economic strength. See: Canadians may be paying too much of their income on housing.
A new map released Monday shows how buying a house in Canada’s largest cities is still inaccessible to those with average incomes. Using the RBC Affordability Index, RateHub looked at home ownership costs in every major city by reviewing percentages of the national average household income before taxes. The costs include mortgage payments, utilities and property taxes.
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