Housing in three Canadian cities is more expensive than in New York and Los Angeles
Real estate in these cities is the most unaffordable in North America.
According to a new study by Oxford Economics, the top three places in the ranking of cities with the most unaffordable housing went to cities in Canada. Vancouver was the leader, with Toronto in second place and Hamilton in third.
Homes in Canada are on average 34% more expensive than the average family can afford.
"Housing affordability in Canada has deteriorated significantly over the past decade, not only in Toronto and Vancouver, but also in several smaller metros," the report said.
The ranks of the least affordable cities in terms of buying a home recently added Hamilton, Ontario, and Ottawa, the capital of Canada. Prices in Quebec and the Canadian prairies — Manitoba, Saskatchewan and Alberta — remain more or less manageable.
According to the Canadian Real Estate Association, the average real estate price across the country is $716,828 CAD. It increased by 31% in the last year. In Vancouver and Toronto, you can buy a one-bedroom condo for that kind of money.
The list of the most accessible and inaccessible cities in North America is as follows:
| Most affordable housing | Most inaccessible housing | ||
| 1 | Chicago, USA | 1 | Vancouver, Canada |
| 2 | Columbus, USA | 2 | Toronto, Canada |
| 3 | Quebec, Canada | 3 | Hamilton, Canada |
| 4 | Atlanta, USA | 4 | San Jose, USA |
| 5 | Raleigh, USA | 5 | Los Angeles, USA |
| Edmonton, Canada | 6 | Ottawa, Canada | |
| Dallas, USA | 7 | Seattle, USA | |
| 6 | Winnipeg, Canada | 8 | New York, USA |
| 7 | Nashville, USA | Montreal, Canada | |
| 8 | Calgary, Canada | 9 | Miami, USA |
Although Canada's major cities are leading the way across North America, the housing situation in smaller municipalities is also tight. In early 2021, a real estate market bubble crossed almost all of Canada because residents are leaving metropolitan areas for smaller towns. Despite this, the Canada Mortgage and Housing Corporation forecasts that the market will soon begin to cool down, and prices could stabilize by 2023.
