Canadian cities are included in a list of the world's most affordable cities

Several Canadian cities made the list of the world's most #affordablecities, according to a new study. One even ranked in the top five!

An affordability index has been calculated for 92 cities around the world by the Urban Reform Institute and the Frontier Centre for Public Policy using a measure called a "median multiple."

It is calculated by dividing the median house price by the average gross household income, without going into too much detail.

Edmonton, Alberta, tied for fourth with St. Louis, Missouri, as the most affordable city in Canada.

Each city had a median multiple of 3.3. Next in line was Calgary, which took the tenth spot with a score of 4.0.

However, Canada isn't all affordable. Any Canadian will tell you that. Therefore, it should not be a surprise that Vancouver is among the world's least affordable cities.

The city only beat Sydney, Australia, and Hong Kong with a score of 13.3. That's yet another setback for Vancouver's affordability!

Among the other cities on the list are Ottawa-Gatineau (5.6), Montreal (6.1), and Toronto (10.5).

Pittsburgh, Pennsylvania, ranked first on the list of most affordable cities in the world with a median multiple of 2.7.

Hong Kong was the least affordable city, with a median multiple of 23.2.

So, if you are looking for more affordable housing, moving to #Edmonton might be the way to go.