Research Briefing | Jan 21, 2022

US and Canada housing affordability edged down in Q3

US and Canada housing affordability edged down in Q3 - iPad

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.

Back to Resource Hub

Related Services

Post

Big shifts are underway in Russia-China trade

Data for Q3 on the volume of China's imports of crude from Russia show a drop against the June level. Rather than an indication that China's demand has peaked, this may be a sign that China is preparing for the Russian oil price cap recently agreed by G7 by shifting some of its purchases to the grey market.

Find Out More

Post

Levelling up is unlikely under the Liz Truss government

The government's levelling up ambition has probably been made more, not less, difficult by the new "Plan for Growth". Policies of lower taxes, less regulation, and a smaller state are unlikely to have much beneficial impact on long-term growth at the national level, let alone in those regions with long track records of underperformance.

Find Out More