Canada’s housing agency is updating its definition of affordability as the issue of unaffordable housing persists across the country. The agency says restoring affordability to levels experienced in the last two decades “isn’t realistic.”
“As a result, we’re changing our aspiration to restoring affordability to levels seen just before the pandemic,” says a July 3 report by the Canada Mortgage and Housing Corporation (CMHC), which was first covered by Blacklock’s Reporter. “This change also highlights how widespread the housing affordability challenge has become across Canada.”
There is no set definition of housing affordability, but it traditionally involves comparing housing costs to income, the report says. Specifically, it compares the monthly cost of purchasing an average home with the average or median income….