Average home price 141% higher than median-earning family can afford: report

The average home price in Canada is 141 per cent higher than what a Canadian household making the median income can afford, according to new data from RATESDOTCA.

The report published Thursday looked at data on home prices and median earnings for Canadian households.

It found that a Canadian family earning the median household income of $79,876 can reasonably afford a $315,000 home, with a maximum insured mortgage of $299,500.

However, the average home price in Canada is currently $757,600, the report noted – considerably pricier than what the average household can afford.