It’s no secret that Canadian house prices have risen sky-high in recent years. But a new report from the Parliamentary Budget Office (PBO) highlights exactly how much prices have shot up.

The report, titled “House Price Assessment: A Borrowing Capacity Perspective,” essentially points out what most Canadians are already aware of: that there’s a housing affordability crisis happening. But what the PBO report reveals is that although prices have ostensibly only really taken off during the pandemic, this trend of unaffordability has been going on across major markets since 2015.

In fact, prices have virtually doubled in the past seven years. Back in 2015, the average Canadian house price was $413,000. But by the end of 2021, the average had reached $811,700 — a 97% jump.

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