PEI

P.E.I. has 2nd most affordable housing market in Canada: report

Prince Edward Islanders work less than half the time of other Canadians to pay for their homes, according to a new report from Generation Squeeze, an advocacy group for young Canadians.

The average Islander can cover a down payments with less than six years' pay

Only Nova Scotia had more affordable homes than P.E.I. (Robson Fletcher/CBC)

Prince Edward Islanders work less than half the time of other Canadians to pay for their homes, according to a new report from Generation Squeeze, an advocacy group for young Canadians.

The report looked at housing prices and average wages in every province.

It found Islanders need to work an average of 5.8 years to earn the 20 per cent down payment on an average home, and that it took 2.6 months to earn the money to pay the annual mortgage.

For the average Canadian it took more than 13 years for the down payment, and almost half the year for the annual mortgage.

Only Nova Scotia's housing was more affordable.

British Columbia had the least affordable housing, with residents requiring 18 years pay to cover a down payment, and working nine months before the year's mortgage is paid.

Source: Generation Squeeze (CBC/Google)