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HALIFAX, N.S. — Across Canada’s major cities, it’s getting harder and harder for the average person to become a homeowner, and nowhere in Atlantic Canada does that hold more true than Halifax., shows the city’s average home price is 83 per cent higher than what the average household earning $76,046 can afford.Looking to upgrade? Here are the most expensive houses for sale in Atlantic Canada
While not as seemingly insurmountable as the 195 per cent differential in Vancouver or Toronto’s 162 per cent, Canadian Mortgage and Housing Corporation economist Kelvin Ndoro says a supply chain imbalance in the Nova Scotia capital is driving up the price of homes and rent. “Demand for housing in the last few years has grown due to higher-than-normal population growth,” he said in a news release. “However, the supply of new housing units has not kept pace with demand.”
Meanwhile, folks in St. John’s, N.L. and Saint, N.B. see a seven per cent difference in average home costs and median household incomes. Nationwide, a Canadian household making $79,876 can afford a home of $315,000, but the average price is 141 per cent more than what the family can afford.used Statistics Canada’s latest available data for median household after-tax income and factored in income growth projections for 2022. Average home prices were derived using the Canadian Real Estate Association’s MLS composite index.
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