Image of the day: Affordability in 2003-2004
We need a massive 10-year buildout of housing
From CMHC, Housing Shortages in Canada: Solving the Affordability Crisis, June 2022. In 2003-2004, the average cost of home ownership in BC was 44% of after-tax income. It’s now 60%.
Affordability in Ontario has rapidly deteriorated to BC levels, especially over the last couple of years in the graph. Covid = a lot more people working from home = more demand for residential space.