Toronto Was Just Named One Of The Least-Affordable Cities In North America & RIP Your Wallet

Toronto is expensive, and while that isn't exactly a major news flash to anyone living in their shoebox of an apartment, this recent report just proved how incredibly unaffordable this city is compared to the rest of the entire continent.

On October 18, Oxford Economics — a company that specializes in quantitative analysis and global forecasting — dropped their housing affordability report that ranked Toronto as the third least affordable city in all of North America to live in. Vancouver snagged that top spot while Boise, Idaho beat out the 6ix at second place.

Other Ontarian cities that placed in the top ten are Hamilton in fifth and Ottawa in ninth for the least affordable cities in North America.

With four Canadian cities sitting on this undesirable top ten list, it comes as no surprise that Oxford Economics revealed Canada's housing market is less affordable than the U.S. (and they expect it to get much worse, especially with Canada's higher mortgage rates.)

This lack of affordability is also tied to the fact that Canadian salaries aren't matching up to the houses that are going up for sale. Oxford Economics pointed out that the average home is going for 35% higher than the borrowing capacity of Canada's median household income.

A recent report from RBC revealed that buying a home in Canada right now is the hardest that it has been in over three decades. If you're looking to buy a home in Ontario, not all is lost (yet.) Kingston currently has some of the most affordable houses for sale in Ontario's housing market.

Here’s How Much Money You Need To Earn To Afford A Home In Different Cities Across Canada

Those earning six figures will still need to save for 20+ years in some cities. 😭

It's time to start saving, Canada! A new report from the National Bank of Canada has revealed exactly how much money you need to be making to afford a house in some of Canada’s biggest cities — and nope, it’s not good news.

According to the data, shared in November 2021, housing affordability in Canada continued to get worse throughout the summer and into the fall of this year.

Keep Reading Show less

Are you hoping the new year will bring you a pair of shiny new house keys?

Housing affordability has made homeownership a pipe dream for some people in Ontario, with prices rising and not expected to get any cheaper anytime soon, according to RE/MAX.

Keep Reading Show less

You Can Build Your Dream House At The Bottom Of This Ski Hill In BC Listed For $99K

Your ski-in, ski-out dreams could become a reality ⛷️

There is a property for sale right now at the bottom of a ski hill in B.C., perfect for building a dream chalet.

If you love a unique real estate opportunity, this is about as good as it gets.

Keep Reading Show less

Buying a home in Ontario can be expensive. In fact, it's apparently so hard to break into the market that some Ontarians are even taking out loans with the "Bank of Mom and Dad."

According to a report by IG Private Wealth Management, just under one-third of Ontario parents (30%) are willing to provide financial support to their kids to secure their homes in the province.

Keep Reading Show less