Just based on the house price to rent ratio (the ratio of house prices to the annual cost of rent), NYC is about 38. Here is an infographic of the house price to rent ratio of various Canadian cities:
As you can see, the cost of housing in NYC is comparable to Toronto and Victoria. Our mortgages don’t have fixed rates though, so every 5 years your mortgage rate goes up (theoretically it could go down, but it generally doesn’t). It makes buying a house a lot more risky even if you can afford it.
How does the housing crisis compare to NYC?
Just based on the house price to rent ratio (the ratio of house prices to the annual cost of rent), NYC is about 38. Here is an infographic of the house price to rent ratio of various Canadian cities:
As you can see, the cost of housing in NYC is comparable to Toronto and Victoria. Our mortgages don’t have fixed rates though, so every 5 years your mortgage rate goes up (theoretically it could go down, but it generally doesn’t). It makes buying a house a lot more risky even if you can afford it.