Four cities in Canada among world’s least affordable to buy a home | Urbanized

David Buzzard/ShutterstockBuying a home in Canada is becoming increasingly expensive, and international comparisons really put it into perspective. A global ranking published this year shows just how expensive it is to become a homeowner in Canada, with four cities listed among the priciest in the world. Remitly, a digital money transfer service, took a look at several cities, including 10 in Canada, to see how much of a home an average single earner and a couple can comfortably afford. “To discover where in the world you’re most likely to be able to afford to settle down, we analysed more than 150 cities in world’s most popular countries to move to, looking at property prices, average salaries, mortgage rates, interest rates, down payments/deposits and more to unearth where the most and least affordable places to purchase a home are,” reads the report. Those who want to live in San Jose, California, have it the worst — an average person can only comfortably afford 27 per cent of an average home. In comparison, a couple can only afford half of the average property price at 54.6 per cent. So how did Canada fare? “Further north, across the border in Canada, Vancouver, Toronto, and Mississauga also make the list for some of the least affordable cities to purchase a house,” reads the survey. “Home to many beautiful views, the country is popular for those hoping to settle down and make a life for themselves; however, even couples who try to purchase together struggle to afford the average property.” Remitly also ranked the most affordable cities in the world to buy a home, and, sadly, none of the cities in Canada made the top 10. Here’s a ranking of the four Canadian cities that made the top 20 list of the most expensive places in the world to buy a home: Vancouver David Buzzard/Shutterstock Global ranking: 5 No surprises here. Vancouver remains the most expensive place to buy a home in Canada. Here, a single buyer bringing home an average salary of US$54,778 (C$74,437) can only afford 34.9 per cent of an average property. As for couples, pooling their money together allows them to afford just 70 per cent of an average home. This means that to achieve their dreams of becoming homeowners, couples still have to depend on large deposits, help from their families, or rent instead. It’s also the fifth most expensive place in North America to buy property. Toronto Cavan-Images/Shutterstock Global ranking: 12 Another city where homeownership can feel like a distant reality is Toronto, which is the 12th most expensive city in the world. According to Remitly, a single person earning an average income can only comfortably afford 41.5 per cent of what an average home costs. Couples in Toronto are a little better off than those in Vancouver, as their dual income allows them to afford 83 per cent of an average property. Toronto is also the ninth most expensive city in all of North America to buy property, making it hard for the average person to enter the real estate market. But living in an expensive city like Toronto also comes with some perks — it’s ranked globally as the 29th best city to raise a family, with a safety score of 81. Mississauga Atomazul/Shutterstock Global ranking: 13 Right behind Toronto, Mississauga ranks as the 13th most expensive city in the world, and it’s also the 10th priciest in North America. Property prices here far outpace incomes, with a single person able to afford only 42.7 per cent of an average home, while couples can manage 85.5 per cent. In other words, buying a home here is no small feat. Brampton Erman Gunes/Shutterstock Global ranking: 15 A single person earning an average income can afford just 44.7 per cent of a typical home in Brampton, while a couple can comfortably cover 89.4 per cent. These prices rank Brampton as the 15th most expensive city in the world to buy property. Check out the full list on Remitly’s website. You might also like:Two Canadian cities rank among best in the world to raise a familyCanadians could be part of proposed class action against Johnson and JohnsonUnlike Americans, Canadians more likely to see each other as 'morally good'