Toronto housing among least affordable on this global index. Here’s what experts say needs to change

Toronto housing among least affordable on this global index. Here’s what experts say needs to change

A new global index suggests Toronto is among the world’s worst cities when it comes to housing affordability — as experts blame decades of policy missteps, development delays, and overwhelming population demand for the problem.

New Yorkers have more affordable mortgages than many Greater Toronto Area residents

Most homeowners in Canada’s largest cities use more of their paycheques than U.S. residents to cover their mortgages. A new report from real estate brokerage Zoocasa analyzed average monthly mortgage payments in 33 U.S. cities and 29 Canadian cities, then compared them to median household incomes. On average, Canadian mortgage payments account for 46 per cent of household income, while in the U.S., the average is 34.2 per cent, Zoocasa found. Mo…