Calgary called 'seriously unaffordable' in new global housing ranking
A new report ranked Calgary as the second-most affordable major housing market in Canada, though it still landed in the “seriously unaffordable” category.
The 2026 Demographia International Housing Affordability report, published by the Frontier Centre for Public Policy, examined 96 major housing markets across eight countries using the median multiple measure, which compares median house prices with median household incomes.
The report classifies housing markets with a median multiple of three or less as affordable, 3.1 to four as moderately unaffordable, 4.1 to five as seriously unaffordable, 5.1 to 8.9 as severely unaffordable, and nine or higher as impossibly unaffordable.
Calgary was the 25th most affordable market in the report with a score of 4.3, landing in the seriously unaffordable category; however, it was the second most affordable market in Canada.
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Edmonton was ranked as Canada’s most affordable housing market, earning a score of 3.6 and landing in the moderately unaffordable category.
Nationally, Canada’s median multiple reached 5.4, placing the country in the “severely unaffordable” category. By comparison, the United Kingdom posted a 5.2 score, while the U.S. recorded a median multiple of 4.5.
Canada’s housing affordability challenges were most pronounced in Vancouver and Toronto. Vancouver ranked among the world’s least affordable major housing markets, with a median multiple of 10.8, behind only Hong Kong, Sydney, San Jose and Adelaide. Toronto also remained in the “severely unaffordable” category, posting a median multiple of 7.6.
“Many Canadians assume housing affordability challenges are simply the result of growing cities and strong demand, but the international data tell a different story,” said Wendell Cox, principal author of the report. “The evidence shows that housing affordability is strongly influenced by policy choices that affect land supply and housing development.”
Frontier Centre for Public Policy
Cleveland was the most affordable major housing market in the study, posting a median multiple of 3.1, while Pittsburgh followed at 3.2.
The report argues that jurisdictions with responsive land markets and fewer development constraints tend to have more affordable housing. It points to development restrictions such as urban growth boundaries, greenbelts and other policies as factors associated with higher housing costs in many markets.
“The experience of many jurisdictions shows affordability can improve when governments remove barriers to housing supply and allow development to respond to demand,” the report said.
Despite those findings, no major housing market surveyed met Demographia’s affordability benchmark, defined as housing costing three times annual household income or less.
You can read the full report on the Frontier Centre for Public PolicyĀ website.
With files from Allison Stephen