75 curlew towns . Analysis of the future trend of house prices. According to a new study by the Oxford Institute for Economics (Oxford Economics), Vancouver, Toronto and Hamilton are the most unaffordable cities in North America, even more expensive than homes in Los Angeles and New York.
According to the report released by the Oxford Institute of Economics on Tuesday, Vancouver is the most unaffordable city in North America, while Toronto and Hamilton ranked second and third, respectively, according to CBC. Housing prices in Canada are 34% higher than those affordable to middle-income families, the report said. Housing affordability in Canada has deteriorated significantly over the past decade, not only in Toronto and Vancouver, but also in smaller cities.
Hamilton and Ottawa have joined the ranks of the least affordable cities, while housing prices in the Prairie provinces (Prairies) and Quebec are still within the reach of local families, the report said.
According to the computerized multiple listing system (MLS) of the Canadian Real Estate Authority (Canadian Real Estate Association,CREA), the national average housing price is now 716828 yuan. In Vancouver and Toronto, you can probably buy an one-bedroom apartment, and in Hamilton, you can find a three-bedroom apartment within 1300 square feet.
The Oxford Institute of Economics used the new North American Housing affordability Index (North America Housing Affordability Indices) to study 25 cities in North America to compare whether middle-income families in one city can afford middle-priced housing.
Ottawa ranks sixth on the list of unaffordable housing prices, while Montreal ranks ninth, tied with New York City.
On the other hand, Quebec City ranks third, Edmonton sixth, Winnipeg eighth and Calgary 10th on the list of the most affordable cities.
The report says the results show that housing prices in the United States are now more affordable than those in Canada and will continue to do so in the future.