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Affordable housing - both rented and owned - is a big factor in quality of life and is important in attracting workers to our community.

• Rate of Increase in New Housing Prices
• Ratio of Residential Prices to Family Income
• Rental Vacancy Rate
• Ratio of Rental Costs to Full Time Minimum Wage
• Average Annual Rent for a Two Bedroom Apartment Compared to Income
• Percent of Renters Spending More Than 30% of Income on Housing

Note: Unless otherwise indicated, references to "Kitchener" refer to the Kitchener Census Metropolitan Area (CMA).

The Rate Of Increase in New Housing Prices is an indicator of the health of the local economy and of the affordability of housing.

• Waterloo Region: 37.2 %
• Windsor: 4.0 %
• London: 35.4 %
• Hamilton: 47.3 %

Source: Statistics Canada, http://www.statcan.ca/Daily/English/070510/d070510c.htm

The Ratio of Residential Prices to Family Income (the number of times greater the house price is than family income) is an indicator of affordability. Lower is better.

• Waterloo Region: 3
• Sudbury: 2
• Ottawa: 3.1
• Toronto: 5.2

Source: Average residential prices found through Canadian Housing Observer, Table 6.
http://www.cmhc.ca/en/corp/about/cahoob/loader.cfm?url=/commonspot/security/getfile.cfm&PageID=96839. Canada Mortgage and Housing Corporation based on data from CREA. Median household income data acquired through Statistics Canada. http://www40.statcan.ca/l01/cst01/famil107a.htm. Based on CANSIM Table 111-0009. Based on tax data.

A Rental Vacancy Rate of at least 3% is necessary for a competitive market.

• Waterloo Region
  • One Bedroom - 2.9 %
  • Three Bedroom - 4.1 %
• Sudbury
  • One Bedroom - 1.5 %
  • Three Bedroom - 1.1 %
• Guelph
  • One Bedroom - 2.0 %
  • Three Bedroom - 4.2 %
• Ottawa
  • One Bedroom - 2.0 %
  • Three Bedroom - 3.9 %
• Toronto
  • One Bedroom - 3.5 %
  • Three Bedroom - 2.9 %

Source: Canada Mortgage and Housing corporation, Housing Market Information:Rental Market Statistics, http://www.cmhc-schl.gc.ca/odpub/esub/64725/64725_2006_A01.pd

The Ratio of Rental Costs to Full-Time Minimum Wage is a measure of affordability. Generally, spending more than 30% of their income on housing is difficult for most people.

• Waterloo Region
  • One Bedroom - 60 %
  • Two Bedroom - 70 %
• London
  • One Bedroom - 54 %
  • Two Bedroom - 68 %
• Hamilton
  • One Bedroom - 55 %
  • Two Bedroom - 68 %
• Windsor
  • One Bedroom - 56 %
  • Two Bedroom - 68 %

Sources: CMHC http://www03.cmhc-schl.gc.ca/b2c/b2c/init.do?language=en, Ontario Employment Standards, http://www.labour.gov.on.ca/english/es/pdf/fs_wage.pdf

The Average Annual Rent for a Two Bedroom Apartment Compared to Income is an indicator of affordability for those of modest income.

• Waterloo Region: 13.3 %
• Sudbury: 12.6 %
• Ottawa: 14.3 %
• Guelph: 15.0 %
• Toronto: 21.0 %

Source: Statistics Canada. http://www40.statcan.ca/l01/cst01/famil107a.htm. Based on CANSIM Table 111-0009 (see Appendix Table XI-6b). and Canadian Housing Observer: Average Rent for Two-Bedroom Apartments, Canada, Provinces and Metropolitan Areas, 1992-2005 (dollars) based on CMHC (Rental Market Survey). Accessed through http://www.cmhc.ca/en/corp/about/cahoob/data/data_004.cfm.

The Percent Of Renters Spending More Than 30% of Income on Housing is an indicator of affordability and potential homelessness. 30% of income is a standard cut-off for affordability.

• Waterloo Region: 36.1 %
• Windsor: 42.3 %
• London: 44.2 %
• Hamilton: 44.5 %

Source: Canada Health Survey, http://www.statcan.ca/english/freepub/82-221-XIE/2006001/tables/229_01.pdf.