Vancouver is the worst major Canadian city for housing affordability

House prices in major cities like Vancouver and Toronto have continued to rise despite nominal gains in household incomes and increasing interest rates. Reports from Ratesdotca.com show that Vancouver has the worst affordability differential among Canada’s big cities, with the median household income being only a third of what is needed to buy the average home. Toronto is similarly affected, with the median household income only 93,006 and the average home costing $1,211,700. Mortgage insurers won't insure a home valued at over $1 million, making it difficult for many people to purchase a home.