June 30, 2017
Canada’s largest metropolis is closing in on Vancouver for the dubious honour of being Canada’s most unaffordable city.
Housing affordability in Greater Toronto hit its worst level on record in the first quarter of 2017, Royal Bank of Canada said in a report issued Thursday. The bank’s affordability index for the city hit 72 per cent — meaning an average household would have to spend 72 per cent of its income to afford an average home.
That is “well outside rational limits … and our comfort zone,” the RBC report stated.