Hamilton ranks third for least affordable housing in North America
- Michael Kras
- 22 May 2021
A new study has revealed that Hamilton ranks third for the least affordable housing market in North America.
The Hammer falls behind Vancouver at number one and Toronto at number two, while startlingly surpassing other major North American cities like Los Angeles and New York City.
"Canadian property bubbles are now so big that powerhouse cities like #LosAngeles, #Seattle & #NYC are now more affordable than #Vancouver, #Toronto & #Hamilton, says @BetterDwelling Via @OxfordEconomics Destroying hope. #Vanre #BCpoli #CDNpoli #housing https://t.co/F7s1ZcEuI0 pic.twitter.com/T2IzjMCENI
— DouglasTodd (@DouglasTodd) May 21, 2021
The findings come from a new report by Oxford Economics, which was published this past week and reveals further data about North American housing markets, including the fact that housing in the United States is “much more affordable” than in Canada.
“Canadian housing affordability has worsened considerably over the past decade, not only in Toronto and Vancouver but also in several smaller metros,” reads the report.
Findings for the first quarter of 2021 show that the typical home in Canada was priced at 34 per cent higher than what the median income household could afford.
Still, a handful of Canadian cities rank among North America’s top ten most affordable housing markets, including Quebec City, Edmonton, Winnipeg, and Calgary.
The full report can be read here.
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