Canadian metropolises are ranked last in terms of housing availability
Canada is a country with a stable economy and high living standards. The real estate market has long been a source of interest for investors all over the world. It is not surprising that the metropolises of Canada are recognized as one of the most expensive in terms of buying residential and commercial properties.
At the same time, the real estate market in the country is developing unevenly. If in general the segment is considered to be one of the most affordable in the world, the situation in large cities is the opposite – it is extremely difficult to buy an object here.
The experts analyzed the real estate segment in 309 cities around the world. The cheapest building is available in Fort McMurray in Alberta. In addition to this settlement, the ranking of the most accessible cities included 7 Canadian cities, including Moncton, Sageney, St. John’s and others.
The TOP-50 mostly represents settlements of the USA and Great Britain. In addition to these countries, there are also cities of New Zealand, Japan and Hong Kong. The cheapest real estate market turned out to be in small towns, but as for metropolises – everything here is ambiguous.
Among the major cities, Quebec showed good results. It entered the TOP-100 and took the 94th position in terms of availability of objects. In most cases, a house here costs 3.4 times higher than the average annual income of local residents.
There are two more Canadian megacities in the TOP-200. The first is Calgary, which took 147th position. The cost of a house in it is 3.9 times higher than the average income per year. Ottawa is located on 163rd place, here the difference between the price of housing and average income is 4.1 times. Montreal is at 213 positions.
Toronto and Ottawa are the most inaccessible megacities in Canada. In them the cost of housing is 8.6 times higher than the average salary.
It should be noted that in 2018 the difference in these megalopolises was 8.3 times, but in 2004 – 3.9 times.
Vancouver is on 308th place out of 309. Here the average cost of a house exceeds the average income of a citizen by 11.9 times. Only in Hong Kong it is 20.8 times higher.
It is interesting that Toronto has overtaken such popular megalopolises as New York, Los Angeles, Sydney. Many experts call Toronto a direct competitor of New York, but it is only in 242nd place.
The high cost in the Canadian real estate market causes concern among analysts. They warn that the prices in this segment already now resemble a soap bubble, and it is a matter of time before it can burst.