Vancouver has edged out the top spot as the most unaffordable city in North America, beating locales such as New York City and Los Angeles.
According to a new report from Oxford Economics, the city took the top spot in North America, with two Ontario cities close behind: Toronto and Hamilton.
Montreal and Ottawa also made the top 10 list.
At the other end of the spectrum, Edmonton, Winnipeg, Calgary, and Quebec City were ranked among North America’s top 10 most affordable places to be a home owner.
Canadian real estate markets have been red hot throughout the past year, which is something the Oxford Economics report says has made them even more unaffordable.
“Unaffordability is a persistent issue in Toronto and Vancouver, and the recent price surge has served to exacerbate this more than decade-old trend,” the report reads. “Hamilton and Ottawa have joined the ranks of Canada’s least affordable metros, while homes in the Prairies and Quebec remain within reach of local households.”
“In the Prairies, homes are comparatively more affordable and well within reach of local median income households,” the report reads.
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Despite this, the report says that overall, housing in Canada is much less affordable than in the United States. Although the report does predict that affordability will decrease in major cities like New York once we move out of the pandemic, it goes on to say that “housing is, and will remain, much more affordable in the US than in Canada.”