The 10 cities were ranked by just how unaffordable they're getting. 😬
When it comes to housing affordability in Canada, don't get your hopes up about affording a down payment anytime soon because it got even harder to buy a home in all of the country's major cities this year.
In the National Bank of Canada's Housing Affordability Monitor, released on August 3, the NBC said that affordability deteriorated in Q2 in all 10 of Canada's major cities and that this is the second quarter in a row that there has been a worsening in every market analyzed.
The NBC report stated that "income growth is being easily outpaced by home price increases," with the median home price in the country increasing by $38,000 in the second quarter of 2021 and by $89,000 from last year.
While income had the most improvement in Vancouver, Victoria and Toronto, it wasn't enough to offset affordability as those were the cities with the biggest deterioration in home prices as well. In Toronto, house prices are so high that someone would have to earn almost $200,000 a year to be able to afford to buy a place.