We all know Toronto's housing market is on fire. We smashed real estate records in 2016 and houses continue to sell for way over asking all over the GTA. But how do we compare to other cities around the world?

According to the 13th Annual Demographia Housing Affordability Survey, Toronto has the 13th least affordable housing market in the world, right behind London, U.K.

Demographia measures affordability with a widely used metric called the Medium Multiple, which it describes as "the median house price divided by the median household income." Toronto's Medium Multiple is 7.7.

The least affordable market is Hong Kong (18.1), followed by Sydney, Australia (12.2) and Vancouver (11.8), respectively.