New Data Has Just Revealed That These 16 Canadian Cities Are 'Unaffordable'
New data has revealed that there are 16 unaffordable Canadian cities, all of which are located in Ontario and B.C.
According to the data by Point2Homes, the number of unaffordable cities in Canada has jumped significantly over the past decade.
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From 6 to 16
Unaffordable cities from 2010 to 2020
Now, there are 16 unaffordable cities in Canada and sitting at the top of that list is Burnaby, B.C., where residents are currently spending 44.7% of their income on their mortgages.
The list goes as follows:
- Burnaby, BC
- Richmond, BC
- Oakville, ON
- Vancouver, BC
- Kelowna, BC
- Langley, BC
- Coquitlam, BC
- Saanich, BC
- Richmond Hill, ON
- Ajax, ON
- Mississauga, ON
- Markham, ON
- Vaughan, ON
- Brampton, ON
- Whitby, ON
- Surrey, BC
According to the data, people in Oakville would need to make 52% more income to afford homeownership in the difficult market.
Meanwhile, people in Toronto would only need to make 11% more.
As for the most affordable markets in 2020, these 10 cities took the cake:
- Halifax, NS
- Windsor, ON
- London, ON
- Quebec, QC
- Oshawa, ON
- Saguenay, QC
- Sherbrooke, QC
- Winnipeg, MB
- Regina, SK
- Trois-Rivières, QC