"Housing has become unaffordable in Canada," says a report.
A new report on housing prices in North America shows that some Canadian cities have actually become more expensive than U.S. metropolises like New York and Los Angeles.
The report from Oxford Economics was published on May 18, 2021, and explores the most and least affordable cities in North America. In the least affordable category, three Canadian cities top the list. Those cities are Vancouver, Toronto, and Hamilton. "Housing is, and will remain, much more affordable in the US than in Canada," the report says.
The rest of the unaffordable list goes in this order: San Jose, L.A., Ottawa, Seattle, New York City, Montreal, and Miami. Meanwhile, the Canadian cities that made the most affordable list include Quebec City, Edmonton, Winnipeg, and Calgary.
"Canadian housing affordability has worsened considerably over the past decade, not only in Toronto and Vancouver, but also in several smaller metros," says the report.
Furthermore, the report says that Vancouver and Toronto have fallen "out of reach." It says that the imbalance between supply and demand is making North American cities increasingly less affordable.
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