Toronto Ranks In The Top 5 For World's Most Unaffordable Cities To Buy A Home

A new report has found that Toronto's unaffordable housing is actually among the worst in the world.

The report, published by the Urban Reform Institute and Frontier Centre for Public Policy, showed that Toronto is considered "severely unaffordable," along with Vancouver, Hong Kong, Sydney, Auckland, and several others.

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88 Toronto's spot on the list out of 92 cities

The report came up with its ratings by measuring income in relation to housing prices in the third quarter of 2020. A total of 92 metropolitan areas were included, across eight nations.

Other Canadian cities did not fare much better, however. Montreal placed 62nd on the list and Ottawa-Gatineau in 57th.

The most affordable Canadian city on this list is Edmonton, tied in 17th place with three other cities. The top cities for affordability are all in the U.S. — Pittsburgh, Rochester, Buffalo, and St. Louis.

"The number of housing markets that have become severely unaffordable in the United States and Canada has grown steadily since 2004," says the report.

"Housing affordability deteriorated the equivalent of six years of annual household incomes in Toronto, between two and three years in Montreal, Portland and Ottawa-Gatineau."

In fact, another recent report found that you now have to make over $127,000 per year to comfortably afford a home in Toronto.