9th Annual Demographia Ranking of 6 Canadian Cities
Thanks to Hugh Pavletich and Wendell Cox co-authors of the Demographia International Housing Affordability Survey. This table shows that Vancouver BC ranks as the least affordable city out of the 35 largest Canadian cities with a multiple of 9.5 times median household income required to buy a median priced house. As of Q3 2012 the 6 cities ranked from least to more affordable are: Vancouver 9.5, Toronto 5.9, Montreal 5.1, Calgary 4.3, Edmonton 3.7 and Ottawa 3.5 (35 ranked Canadian cities are tabled further down this page)
Vancouver and Toronto are not World Financial Centers.
We are not New York or London.
From Statistics Canada as of Q3 2012 our GDP is running at 3% per year seasonally adjusted. But exports continue shrinking (-2.4% Y/Y) and imports continue rising (+2.2% Y/Y).
According to the January 25, 2013 Globe & Mail, the Canadian deficit for 2011-12 was $26.2-billion. Finance Minister Jim Flaherty’s March 2012 budget projected the deficit would shrink to $21.1-billion in 2012-13. In his November 13th fiscal update, in response to forecasts for slower-than-expected growth, he re-revised the November update back to a $26-billion deficit.
HEADWINDS: Global anxiety, international credit revulsion, high CAD, low wage export competition (not everyone can have a positive GDP at the same time), U.S. energy independence and or efficiency regime targets is the new meme.
According to Statistics Canada at October 2012, the 3 biggest components (40.6%) of our GDP are FIRE (Finance, Insurance, Real Estate) at 21.1%, Manufacturing at 12.8% and Agriculture, Mining & Energy at 6.7% of GDP.
71.7% of Canadians work in the Service sector. 28.3% of us actually make things. That means there is a big potential for moving the Canadian workforce into higher value productive industries like energy efficiency and research. Perhaps we can develop better national goals than flipping real estate and acquiring debt now that the housing bust is on.
According to the January 25, 2013 Globe & Mail, the Canadian deficit for 2011-12 was $26.2-billion. Finance Minister Jim Flaherty’s March 2012 budget projected the deficit would shrink to $21.1-billion in 2012-13. In his November 13th fiscal update, in response to forecasts for slower-than-expected growth, he re-revised the November update back to a $26-billion deficit.
HEADWINDS: Global anxiety, international credit revulsion, high CAD, low wage export competition (not everyone can have a positive GDP at the same time), U.S. energy independence and or efficiency regime targets is the new meme.
According to Statistics Canada at October 2012, the 3 biggest components (40.6%) of our GDP are FIRE (Finance, Insurance, Real Estate) at 21.1%, Manufacturing at 12.8% and Agriculture, Mining & Energy at 6.7% of GDP.
71.7% of Canadians work in the Service sector. 28.3% of us actually make things. That means there is a big potential for moving the Canadian workforce into higher value productive industries like energy efficiency and research. Perhaps we can develop better national goals than flipping real estate and acquiring debt now that the housing bust is on.
9th Annual Demographia Price/Income Ranks of 35 Canadian Cities
Affordable when under 3 ~ Severely Unaffordable when over 5
The table below is sorted with the highest ratio of median housing cost to median household income at the top showing that Vancouver is the most unaffordable city in Canada requiring a buyer to pay 9.5 times annual income. Vancouver ranks 2nd most unaffordable city in 327 world markets after Hong Kong (1) and before Honolulu (3) SOURCE: http://www.demographia.com/dhi.pdf
9th ANNUAL DEMOGRAPHIA to Q3 2012 ~ SOURCE: http://www.demographia.com/dhi.pdf
