Affordable housing: Can you afford to buy at current prices?

Bank of Canada Governor Mark Carney says housing in some Canadian cities is 'severely unaffordable.' (Sean Kilpatrick/Canadian Press)

Housing prices in some Canadian cities are "severely unaffordable," Bank of Canada Governor Mark Carney pronounced during a speech Wednesday.
 
Speaking to the Vancouver Board of Trade, Carney noted that national house prices have risen 31 per cent since the beginning of 2009, and are now 13 per cent above their pre-financial crisis peak.

The central bank governor also observed that the average level of house prices nationally is nearly 41/2 times more than average household disposable income, compared with an average ratio of 31/2 over the past quarter-century.

Do you consider your city one of the "severely unafforable" ones? Why or why not?  Can you afford to buy a home at the current prices? Share your thoughts in the comments below.



(This survey is not scientific. Results are based on readers' responses.)