Statistics Canada recently released some interesting findings from the 2006 Census. The data is over a year or so old but a couple of things stood out.
First off, any theories of income growth supporting home prices seem to be out the window. In real terms (i.e. adjusted for inflation) Canadian incomes rose a whopping $53 from 1980 to 2005! Meanwhile real home prices jumped ~60% or more in that same timeframe. (about 1.9% a year after inflation, according to TD Economics.)
[For those interested here’s an inflation adjusted price change chart from Financial Planning & Personal Sanity.]
Other tidbits from the census (again, 2006 data)…
75% of Canadians owned their home.
58% of homeowners had a mortgage.
The average monthly cost for mortgage, taxes, municipal services and utilities was $998.
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