Vancouver, Toronto Housing Markets More Expensive Than New York City

Published on April 11, 2024

Many of the largest cities in the United States, including New York City, have more affordable housing than Toronto or Vancouver, a new report has found. Aside from the Big Apple, Chicago, Dallas, Miami, Nashville, Phoenix, Philadelphia, and Seattle were all more affordable than Toronto or Vancouver despite rising interest rates and low inventory in both countries, according to the housing affordability report from Zoocasa. Despite similar challenges on both sides of the border, Canadian buyers have been particularly impacted because of smaller median incomes, the report found. The median U.S. household income in 2021 was US$75,149. In Canada the average was CA$73,000, which appears comparable until the exchange rate is taken into account. In U.S. dollars, the average Canadian income would be only $54,074....

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