The Urban Reform Institute and the Frontier Centre for Public Policy, a Canadian think tank, have jointly released a report that ranks Hong Kong, China, as the most unaffordable city for the 11th consecutive year.
And most surprisingly, two of the top five cities are in Canada.
In addition to Hong Kong, China, Vancouver, Sydney, Auckland and Toronto each ranked in the top five.
The study covered data from 92 metropolitan areas in eight countries, including the United States, Australia and Canada.
On Monday, today Bank of Canada Governor Tiff Macklem said that despite early signs of an overheated Canadian housing market, the central bank will not raise interest rates simply because the recession hit by COVID-19 needs stronger stimulus.
Bottom line, it looks like Canadian housing prices are going to keep going up!
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