Vancouver homes are the most expensive in North America, according to a new report, which rated Toronto and Hamilton the continent’s second- and third-most expensive cities.
While the Oxford Economics report found San Jose and Los Angeles are the fourth-and fifth-most expensive cities in North America, Canadian homes are 34% more expensive than the median household income affordability.
“Canadian housing affordability has worsened considerably over the past decade, not only in Toronto and Vancouver, but also in several smaller metros,” said the report.
Ottawa is the sixth-most expensive metropolitan region on the continent, says the report, while Montreal is ninth.
However, Oxford Economics ranked Quebec City as the third-most affordable city in North America. In fact, another report rated Quebec City as the best city in Canada for millennials,
“Quebec City is Canada’s best city for millennials,” said the report from Point2Homes. “Not only does it rank the highest overall, it also boasts an affordable housing market compared to most of the other surveyed locations. Add this to the fact that the city has the third lowest unemployment rate in Canada and an above average yearly income, and it makes sense why it takes the number one spot on our list. For millennials looking to settle down and start a family, Quebec City also has a low crime severity index.”
Ottawa also made its way onto the list, ranking as the No.2 city in Canada for millennials, despite the fact that Oxford Economics rated it the sixth-most unaffordable region in North America. Point2Homes, however, noted that the Canadian capital is replete with steady government jobs and an average income of $88,310.
“Besides having a good economy and well-paying jobs, Canada’s capital city also boasts a thriving cultural scene. In addition, it also ranks sixth for the highest percentage of Canadians with a bachelor’s degree or above. This makes it a top location for young professionals looking to interact with like-minded individuals.”
Neil Sharma is the Editor-In-Chief of Canadian Real Estate Wealth and Real Estate Professional. As a journalist, he has covered Canada’s housing market for the Toronto Star, Toronto Sun, National Post, and other publications, specializing in everything from market trends to mortgage and investment advice. He can be reached at neil@crewmedia.ca.
