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
Food prices to bottom out in 2024, risks skewed to upside
Our baseline forecast is for world food commodity prices to register an annual decline this year, in aggregate, reducing pressure on food retail prices further downstream. However, we believe the risks to this forecast are overwhelmingly skewed to the upside.
Find Out More
Post
Battery raw material prices to recover
Battery raw materials prices bottomed out last quarter and we think a sustained recovery is looming. Midstream EV battery manufacturing activity has picked up again and inventories have returned to historical levels, suggesting upstream demand for raw materials will also bounce back.
Find Out More