Toronto, Vancouver Rank Top 5 in ‘Least Affordable’ for Homes Among Metropolitan Areas Globally

Condo towers dot the Toronto skyline as a pedestrian makes his way through the COVID-19 restricted winter landscape in Toronto, Canada, on Jan. 28, 2021. Frank Gunn/The Canadian Press

Toronto and Vancouver are among the top five most unaffordable housing markets across 92 metropolitan areas in eight countries, a new report says. 

The report (pdf), released on Monday by think tanks Urban Reform Institute and Frontier Center for Public Policy, seeks to rate the affordability of houses using the median multiple, a “measurement of income in relation to housing prices, or 92 major markets (metropolitan areas) in eight nations for the third quarter of 2020.”