Toronto, Vancouver housing still hugely desirable despite recent challenges

Toronto and Vancouver ranked 20th and 24th globally in the 2026 Oxford Economics Global Cities Index, despite high housing costs relative to income. Both cities' strong economies and human capital boost their rankings, but housing affordability lowers their Quality of Life scores. Vancouver and Toronto remain among the least affordable markets worldwide. Canada needs to build 430,000-480,000 new homes annually to improve affordability, a target currently unmet. Other Canadian cities ranked lower but show growth potential.