As of 2026, Vancouver, British Columbia, remains the most unaffordable city in Canada, consistently ranking as one of the least affordable housing markets in the world relative to local household income. The "Homeownership Affordability Index" for Vancouver is significantly higher than the national average, often requiring over 100% of a median household's pre-tax income to cover the costs of a typical single-family home. While Toronto follows closely as the second most expensive, the "affordability crisis" has notably spread in 2026 to mid-sized hubs like Victoria, Kelowna, and even parts of the Atlantic provinces like Halifax, which saw rapid price surges following the post-2020 migration shifts. The lack of supply, high interest rates, and the geographical constraints of Vancouver (trapped between the ocean and mountains) have prevented prices from cooling significantly despite various government "flipping taxes" and foreign buyer bans. For renters, the situation is equally dire, with Vancouver and Toronto competing for the highest average monthly rents in the country, often exceeding $3,000 for a one-bedroom apartment in the city core.