In recent years, housing affordability has eroded at a faster rate in Ontario than in any other province, says a new report by Vancouver-based non-profit Generation Squeeze.
“During the first two years of the pandemic, the Ontario government presided over the worst erosion of housing affordability witnessed by any Canadian province over a two-year period in the last half century,” said the report dated May 2022.
“Even the wild west of real estate in BC did not see the gap between local earnings and average housing prices grow as fast as it did in Ontario between January 1, 2020 and December 31, 2022.”
Citing data provided by the Canadian Real Estate Association, the report indicates that the average price of a home in Ontario has increased by about 44 percent, from $571,771 in 2018 to $871,688 in 2021….