Visualizing the collapse of housing affordability over the last decade
Click to toggle provinces on/off in the historical charts below
Comparison of house price growth vs median income growth. Static visualization for maximum performance.
Percentage growth of house prices vs income. This chart normalizes all data to zero in 2015 to show the relative speed of appreciation.
This dual-axis visualization compares **Home Prices** (solid lines) against **National Median Income** (dashed line). In a healthy economy, these lines should track closely together, as housing costs are ultimately capped by what people earn.
Historically, the "Goldilocks" zone for a stable economy is when home prices grow at roughly the same rate as CPI inflation or wage growth (approx 2-3% per year).
The 2015 Inflection: Notice the sharp upward trajectory shift beginning in 2015. This marks the start of the "ultra-low rate" era that decoupled prices from wages.
The Pandemic Spike: The vertical surge between 2020 and 2022 represents the largest widening of the gap in Canadian history.
Wage Stagnation: While prices surged, median incomes grew incrementally, creating the housing "inaccessibility" crisis we see today.
| Year | Income (Growth %) | BC Price (Growth %) | ON Price (Growth %) | AB Price (Growth %) | QC Price (Growth %) |
|---|---|---|---|---|---|
| 2026 | $102,000 +50.0% since '15 | $1,200,000 +57.7% growth | $1,105,000 +77.2% growth | $655,000 +39.6% growth | $645,000 +90.8% growth |
| 2025 | $98,000 +44.1% since '15 | $1,185,000 +55.7% growth | $1,085,000 +74.0% growth | $635,000 +35.3% growth | $625,000 +84.9% growth |
| 2024 | $95,000 +39.7% since '15 | $1,171,500 +54.0% growth | $1,087,017 +74.3% growth | $605,026 +28.9% growth | $609,992 +80.5% growth |
| 2023 | $90,000 +32.4% since '15 | $1,170,000 +53.8% growth | $1,131,290 +81.4% growth | $569,168 +21.3% growth | $566,700 +67.7% growth |
| 2022 | $86,000 +26.5% since '15 | $1,114,300 +46.4% growth | $1,458,035 +133.8% growth | $548,800 +16.9% growth | $550,000 +62.7% growth |
| 2021 | $82,000 +20.6% since '15 | $1,230,200 +61.7% growth | $1,342,444 +115.3% growth | $490,000 +4.4% growth | $520,000 +53.8% growth |
| 2020 | $78,000 +14.7% since '15 | $1,047,400 +37.7% growth | $929,699 +49.1% growth | $449,580 +-4.2% growth | $457,900 +35.5% growth |
| 2019 | $75,000 +10.3% since '15 | $1,001,000 +31.6% growth | $883,520 +41.7% growth | $469,916 +0.1% growth | $406,332 +20.2% growth |
| 2018 | $74,000 +8.8% since '15 | $1,032,400 +35.7% growth | $787,300 +26.3% growth | $475,160 +1.2% growth | $407,230 +20.5% growth |
| 2017 | $72,000 +5.9% since '15 | $1,050,300 +38.0% growth | $822,681 +31.9% growth | $481,000 +2.5% growth | $364,510 +7.8% growth |
| 2016 | $70,000 +2.9% since '15 | $897,600 +18.0% growth | $729,922 +17.1% growth | $440,650 +-6.1% growth | $342,000 +1.2% growth |
| 2015 | $68,000 +0.0% since '15 | $760,900 +0.0% growth | $623,531 +0.0% growth | $469,337 +0.0% growth | $338,000 +0.0% growth |
When home prices grow at 10% per year while wages grow at 2%, the "gap" is filled by debt and speculation. In many Canadian markets, housing has transitioned from a utility (shelter) to a highly leveraged investment vehicle.
This chart proves that current prices are not supported by the local economy. They are supported by high leverage, parent-assisted down payments ("The Bank of Mom and Dad"), and the belief that prices will always rise.
The widening gap has profound societal impacts:
While "nominal" wages have increased, "real" wages (adjusted for the cost of living) have struggled to keep pace with the massive surge in essential costs like rent and mortgages.
Canada currently has the highest household debt-to-GDP ratio in the G7, primarily due to this massive price-income disconnect.
Explore other affordability factors