It beat out New York by 13 ranks! 😰
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.
Our Housing Affordability Indices show affordability deteriorated in nearly all US and Canadian metros in Q2 2021. Potential buyers will find homes most out of reach in Vancouver, Boise, Toronto, Portland, Hamilton, Las Vegas, San Jose, and LA: https://bit.ly/3G0uxHm\u00a0pic.twitter.com/sMS6iZ4t0l— Oxford Economics (@Oxford Economics) 1634661000
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.
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