The cities rank seventh and eighth, respectively, according to a report which, released today by global real-estate consultancy Knight Frank, looked at 32 markets up until the end of 2018. Ahead of the two are Amsterdam, Auckland, Hong Kong, Los Angeles, San Francisco and Sydney. The most affordable are listed as Dubai, Istanbul and Jakarta. (Globe and Mail)
Talking point: Among the cities in the group of least-affordable housing markets are some of North America’s most significant innovation centres, such as San Francisco. Affordable housing is a key factor in startups and businesses setting up shop or relocating their workers to Toronto and Vancouver, and is crucial for any city vying to attract top talent. The growth of both cities’ tech sectors—as well as competition over office space—will continue to contribute to the rising costs of housing and other real estate.