« The resilience of the housing market has stretched already taut valuations. One yardstick used to assess affordability is the ratio of average house prices to average earnings, which captures whether housing is within reach of typical buyers. This ratio is now much higher than at its previous peak in 1989 (see chart).
Yet this indicator has been flashing red for some time and the market has continued to advance. Home-buyers have been swayed by another gauge of affordability: the cost of servicing a new mortgage loan in relation to their take-home pay. This has been heading up but, unlike the ratio of house price to earnings, it remains below its previous peak. » Le graphique parle de lui-même ! Source : The Economist, Watch out for the cracks
Les prix immobiliers stagnent au Canada