Calgary in top 10 of affordable cities globally according to study
The 2022 edition of the Urban Reform Institute’s Demographia International Housing Affordability Study was released and Calgary made the list at an impressive 10th out of the 92 cities included.
The study provides housing affordability ratings, using the median multiple, which is a measurement of income in relation to housing prices. 92 “major markets” (metropolitan areas) in eight countries were included, based on figures from the third quarter of 2021.
Calgary jumped from their 2020 placing of 29th in the 2021 edition while Edmonton ranked 4th overall making it the most affordable Canadian city in the report. Who made the top of the list? Pittsburgh, USA.
Housing affordability has been a hot topic in Canada and the study echoes concerns saying “four of the six markets in Canada are rated severely unaffordable” according to the report.
Vancouver came in 90th of the 92 markets with Toronto ranking 83rd. In both cities, the data showed that “unaffordable housing has spread” to surrounding, smaller markets driving up other medians. And the most unaffordable metropolitan centre in the world? Better pull out your pocketbook if you want to live in Hong Kong.