Canada is densely populated near the border, i.e. anywhere people (especially immigrants) want to live. Toronto is the one of if not the most densely populated cities in North America. Vancouver and Montreal are around #3 and #4.
www.newgeography.com
And guess what, house price to income ratios are higher or about equal in these metros than the most expensive places in America:
Average property prices and property investment indexes in Canada.
www.numbeo.com
Rank | City | Price To Income Ratio | Gross Rental Yield City Centre | Gross Rental Yield Outside of Centre | Price To Rent Ratio City Centre | Price To Rent Ratio Outside Of City Centre | Mortgage As A Percentage Of Income | Affordability Index |
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1 | Hamilton | 28.9 | 1.6 | 1.8 | 61.1 | 56.6 | 264.8 | 0.4 |
2 | Surrey | 20.2 | 3.4 | 3.1 | 29.2 | 32.6 | 185.4 | 0.5 |
3 | Vancouver | 13.9 | 4.2 | 5.0 | 23.9 | 19.9 | 123.9 | 0.8 |
4 | Victoria | 13.3 | 5.3 | 4.3 | 18.7 | 23.1 | 119.7 | 0.8 |
5 | Toronto | 12.7 | 3.9 | 4.1 | 25.8 | 24.5 | 112.8 | 0.9 |
6 | Kelowna | 11.8 | 4.1 | 6.2 | 24.2 | 16.0 | 107.3 | 0.9 |
7 | Quebec City | 11.8 | 2.2 | 5.6 | 45.8 | 17.9 | 110.7 | 0.9 |
8 | Mississauga | 11.5 | 4.3 | 4.6 | 23.4 | 21.7 | 103.3 | 1.0 |
9 | Kamloops | 11.4 | 4.5 | 5.2 | 22.5 | 19.3 | 104.4 | 1.0 |
10 | Montreal | 11.0 | 3.6 | 4.7 | 27.6 | 21.3 | 96.3 | 1.0 |
Average property prices and property investment indexes in United States.
www.numbeo.com
Rank | City | Price To Income Ratio | Gross Rental Yield City Centre | Gross Rental Yield Outside of Centre | Price To Rent Ratio City Centre | Price To Rent Ratio Outside Of City Centre | Mortgage As A Percentage Of Income | Affordability Index |
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1 | New York, NY | 12.8 | 5.5 | 5.2 | 18.2 | 19.1 | 116.6 | 0.9 |
2 | Brooklyn, NY | 11.2 | 6.2 | 6.9 | 16.1 | 14.4 | 100.5 | 1.0 |
3 | Honolulu, HI | 10.4 | 5.4 | 5.0 | 18.5 | 20.2 | 94.4 | 1.1 |
4 | Queens, NY | 8.6 | 6.5 | 7.9 | 15.5 | 12.6 | 78.5 | 1.3 |
5 | Boston, MA | 7.9 | 5.8 | 7.2 | 17.2 | 13.9 | 71.0 | 1.4 |
6 | San Francisco, CA | 7.3 | 5.9 | 5.2 | 17.0 | 19.3 | 65.7 | 1.5 |
7 | San Diego, CA | 7.2 | 6.3 | 7.1 | 15.9 | 14.2 | 64.4 | 1.6 |
8 | Long Beach, CA | 7.1 | 6.9 | 6.1 | 14.4 | 16.3 | 64.8 | 1.5 |
9 | San Jose, CA | 7.1 | 6.1 | 5.1 | 16.3 | 19.8 | 64.2 | 1.6 |
10 | Washington, DC | 7.0 | 6.1 | 6.9 | 16.4 | 14.5 | 62.8 | 1.6 |
The #21 city in Canada (Markham) has a higher housing price to income ratio than #5 Boston. And Markham is no Boston by far.