Rising Ownership Costs in Canada

Homeownership costs in Canada have reached alarming levels, with the average homeowner spending about 63% of their income on ownership-related expenses like mortgage payments and utilities. In major cities such as Toronto and Vancouver, this percentage is even higher, at 84% and 103%, respectively, drastically exceeding the recommended guideline of 30% of income. This disproportionate relationship between home costs and median household income reflects a significant decline in housing affordability for many Canadians. As individuals struggle to cover ownership costs, reliance on financial assistance from family for larger down payments has become increasingly necessary, which is not feasible for all prospective homeowners.