According to an index created by the Organization for Economic Co-operation and Development (OECD), housing should not cost more than three to five times one’s income. But in cities like Toronto and Vancouver, housing costs over 10 times the average household income. It is often thought that other cities in the world like Hong Kong and London are more expensive, but if you factor in income, our cities top the list. This is creating a labour challenge for many businesses and organizations as residents of high-cost cities move away to more affordable communities.
