The City Comparison
| City | Price:Income | Median Rent (1BR) | Vacancy Rate | Immigrant Share |
|---|---|---|---|---|
| Vancouver | ~13x | ~$2,800 | 0.9% | 41% |
| Toronto | ~12x | ~$2,600 | 1.4% | 47% |
| Victoria | ~10x | ~$2,100 | 1.0% | 22% |
| Hamilton | ~9x | ~$1,800 | 2.1% | 24% |
| Montreal | ~7x | ~$1,700 | 1.5% | 24% |
| Ottawa | ~8x | ~$2,000 | 2.0% | 24% |
| Calgary | ~6x | ~$1,700 | 1.3% | 30% |
| Edmonton | ~5x | ~$1,400 | 2.4% | 26% |
| National Average | 8x | ~$1,800 | 1.5% | 23% |
Toronto — Where Immigrants Land, Can't Afford to Stay
47% of Toronto's population is immigrant. Toronto receives the largest share of Canadian immigration. Median rent for a one-bedroom exceeds $2,600/month. At median household income, housing costs consume 50%+ of earnings. As documented in the immigration pathway comparison, all three immigration pathways (Express Entry, TFW, international students) concentrate in Toronto. The credential trap documented in the OSINT data means immigrants earn 40% less at arrival — competing for housing at 12x income on wages that are 60% of Canadian-born median.
Vancouver — Least Affordable in North America
Vancouver consistently ranks among the least affordable cities globally. Price-to-income ratio of 13x exceeds Hong Kong-level unaffordability. Vacancy rate of 0.9% means virtually zero available rental housing. Foreign buyer taxes and speculation taxes were implemented but the affordability crisis persists — because the structural drivers documented in housing financialization (CMHC insurance, REIT tax treatment, capital gains exemption) continue operating.
Montreal — The Last Affordable City, Rapidly Becoming Unaffordable
Montreal was historically Canada's most affordable major city. Price-to-income at 7x is below the national average but rising faster than any other major market. International student growth (Montreal hosts 4 major universities) and interprovincial migration from Toronto are driving demand. Montreal's affordability advantage is eroding — following the same trajectory that made Toronto and Vancouver unaffordable a decade ago.
The Cities Where People Live Are the Cities They Can't Afford
Jobs are in Toronto, Vancouver, and Montreal. Immigration concentrates there. Housing is unaffordable there. The mismatch is structural: immigration policy drives demand, CMHC + REITs + tax policy drive prices, and construction can't keep pace.
The national average (8x) masks the reality: where people actually live, it's 12-13x. That's the gap between the statistic and the experience.