Toronto's housing affordability crisis just hit the worst level in the city's history

Of course, residents in the country's most infamously pricey cities have it the worst, with experts writing that while affordability worsened in all markets coast to coast,"Vancouver, Victoria and Toronto experienced the biggest deterioration, further exacerbating acute stress."

"Skyrocketing interest costs continue to significantly challenge Toronto-area buyers — many of whom confined to the sidelines, unable to clear the extremely high ownership bar," the report says. It adds that the measure the bank uses to track affordability levels in various cities reached"its worst level ever" at the tail end of 2023, reaching 84.8 per cent — which is the amount of income the average household would need to devote to a mortgage and other home ownership costs if they want to buy.

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