A recent global study has revealed that two Canadian cities have been ranked among the most expensive places in the world to purchase a home. The study, conducted by the Economist Intelligence Unit, looked at 35 major cities around the world and compared the cost of buying a home in each location.
According to the study, Vancouver and Toronto were both ranked in the top 10, with Vancouver coming in at number three and Toronto at number six. This is not the first time these two cities have been recognized for their high housing costs, as they have consistently ranked among the most expensive cities in Canada and the world.
The study took into account various factors such as average home prices, income levels, and cost of living to determine the rankings. It also noted that the COVID-19 pandemic has had a significant impact on the housing market, with many cities experiencing a surge in home prices due to increased demand and limited supply.
In Vancouver, the average home price is over $1 million, while in Toronto it is just under $1 million. This is significantly higher than the national average of $678,091, according to the Canadian Real Estate Association.
The high cost of housing in these cities has been a growing concern for many Canadians, especially for young people and first-time home buyers. It has also led to debates about the need for government intervention to address the issue and make housing more affordable.
Despite the challenges, both Vancouver and Toronto continue to attract people from around the world, with their vibrant economies and diverse cultures. This has contributed to the high demand for housing and subsequently, the high prices.
In conclusion, the study serves as a reminder of the ongoing issue of housing affordability in Canada, particularly in major cities like Vancouver and Toronto. It also highlights the need for continued efforts to address this issue and make homeownership more attainable for all Canadians.
