Only one U.S. city is less affordable than Toronto

toronto-condo

Toronto house prices are off the charts, so much so that there’s only one U.S. city that is more expensive — and it’s likely not the one you expected.

According to a new study from Oxford Economics, Toronto is now less affordable than New York City, Los Angeles, Seattle and Miami. However, Boise, Idaho sits in the number three spot and Toronto is in fourth. Unsurprisingly, Vancouver remains in first place.

“Potential buyers will find homes most out of reach in Vancouver, Boise (Idaho), Toronto, Portland (Oregon), Hamilton (Ontario), Las Vegas, San Jose, and L.A.,” wrote Oxford in its latest report.

“Our consistent, cross-country framework points to more rapidly worsening affordability in Canada than in the U.S.,” says the report, “But affordability will decline faster in smaller metros in the region, such as Boise, Idaho.”

For context, Boise has a population of 235,684, which is far under Toronto’s roughly 2.93 million.

According to Oxford and other real estate market experts, the housing affordability crisis in Toronto and across Canada isn’t expected to get any better in the coming months.

Image credit: Oxford Economics

Source: Oxford Economics Via: blogTO

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