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BMO Commercial Banking

Your House Makes More Than You Do

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Sal Guatieri | February 25, 2021 | Commercial Real Estate , Economic Insights
Sal Guatieri | February 25, 2021 | Commercial Real Estate , Economic Insights
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Normally asset prices start to raise red flags when they consistently outrun growth in underlying income or earnings. But across much of Canada, and notably Ontario, house prices are not only rising faster than family income, they are rising more than total annual income. Take Woodstock for example, where benchmark prices are up a cool $118,200 in the past year to January (or 31.7%), while the median family earned $86,970 (in 2018).  Draw your own conclusions.

 

Chart: MLS HPI Benchmark Price, Composite, Woodstock-Ingersoll. Change - Year to Year, NSA, Canadian dollars. Source: The Canadian Real Estate Association, Haver Analytics. (Underlying data values not licensed for redistribution)

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Sal Guatieri

Senior Economist

Sal Guatieri is a Senior Economist and Director at BMO Capital Markets, with two decades experience as a macro economist. With BMO Financial Group since 1994, his...(..)

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