A photo of uptown Saint John.
Two New Brunswick cities are among the most affordable housing markets in the world.
Demographia has released its 16th annual International Housing Affordability Survey.
Saint John and Fredericton are tied for second in Canada and sixth in the world.
Moncton was ranked the fifth most affordable housing market in Canada and 16th in the world.
The survey rated middle-income housing affordability using the “median multiple” — the median house price divided by the median household income.
Saint John and Fredericton both received a median multiple of 2.4. Moncton was given a median multiple of 2.6.
According to the survey, the median house price in Saint John is $168,000 and the median household income is $68,700.
In Fredericton, the median house price is $174,000 and the median household income is $72,100.
Moncton has a median house price of $175,000 and a median household income of $67,800.
Alberta Community Ranks Most Affordable
Fort MacMurray, Alta., has the most affordable housing market in the world with a median multiple of 1.8. Vancouver is the second least affordable (11.9), just ahead of Hong Kong (20.8).
According to the survey, a median multiple of 3.0 and under is considered affordable, 3.1 to 4.0 is moderately unaffordable, 4.1 to 5.0 is seriously unaffordable, and 5.1 and over is severely unaffordable.
The report also highlights how the “middle class is under threat” as higher housing costs are “reduce discretionary income and thus, the standard of living.”
“As a result, adult children can no longer depend on having higher incomes than their parents, at least in the United States, the United Kingdom, Canada, Australia, New Zealand, Ireland and elsewhere. It is not surprising that there is increasing concern about income inequality,” the report said.
The survey looked at 309 metropolitan areas in eight countries: Australia, Canada, China (Hong Kong only), Ireland, New Zealand, Singapore, the United Kingdom and the United States.
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