A new affordability report from a global economics consulting firm has named a trio of Canadian housing markets as the least affordable on the continent.

The North America Housing Affordability Indices from Oxford Economics placed Vancouver, Toronto and Hamilton in its top three least affordable markets, commenting that the US was generally more affordable than Canada when it came to housing.

Two cities in California — San Jose and Los Angeles — rounded out the top five least affordable housing markets. Meantime, Quebec City got the nod as one of the continent’s most affordable markets, joining Chicago, Columbus, Atlanta and Raleigh.

Economists Oren Klachkin, Tony Stillo and Michael Davenport authored the report, which assesses affordability based on the relationship between the median single-family home price and the median household income for each metropolitan area studied.

Canada’s overall Housing Affordability Indices was 1.34 in 2021’s first quarter, meaning a home was 34 percent more expensive than the median household income would be able to afford on a national level.

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