US and Canada housing affordability edged down in Q3
Our updated Housing Affordability Indices (HAIs) show affordability declined in Q3 2021 at the national level in the US and Canada as income gains and slightly lower mortgage rates weren’t enough to keep up with house prices. Potential buyers found homes remained most out of reach in Vancouver, Boise (Idaho), Portland (Oregon), Toronto, Las Vegas, San Jose, L.A., and Hamilton (Ontario).
What you will learn:
- Our national US index rose 1pt to 0.78 in Q3 2021 from 0.77 in Q2, meaning prices were 22% lower than the median income households’ borrowing capacity.
- US affordability in Q3 2021 deteriorated most sharply in the Sunbelt metros, led by Tampa (+6.9pts), Las Vegas (+5.9pts), and Austin (+5.7pts).
- Our Canada-wide HAI rose 1pt to 1.36 in Q3 2021, meaning houses were 36% above median income households’ borrowing capacity.
Tags:
Related Services
Post
Japan’s fiscal policy will remain loose, which increases risks to debt sustainabilit
We've changed our fiscal outlook for Japan in our December forecast round. We now expect the new government to set a primary deficit close to that of 2024, at 2%-3% of GDP for 2025-2027, instead of restoring a balanced budget by taking advantage of strong tax revenue. We assume higher bond yields will force the government to take measures to reduce the deficit from 2028.
Find Out More
Post
US Key Themes 2026: Exceptionalism amid fragmentation
US exceptionalism is alive and well, and that won't change in 2026.
Find Out More
