Toronto is getting closer to that Number 1 spot — it’s just not the spot we want in this case.
According to the latest edition of Demographia’s annual “International Housing Affordability Survey” — a global report on middle-income housing — Toronto ranks 21st out of 293 cities worldwide for unaffordability. In last year’s survey, Toronto ranked 28th.
The paper points to Toronto as “severely unaffordable,” citing that over 14 years, the city’s house prices have doubled in relation to household incomes. It also says Toronto has “the greatest bubble risk,” alongside Vancouver, Sydney, London and Hong Kong.
Compared to major metropolitan markets, Ontario’s capital places 81st out of 92 cities: More affordable than markets such as Los Angeles and Vancouver, and less affordable than markets such as Miami and even parts of London, England.
Of note, Demographia finds places near Toronto have also become “severely unaffordable.” Other cities with this distinction now include Hamilton, Oshawa, Guelph, Barrie, Kitchener-Waterloo, and St. Catharines-Niagara and Cambridge.