I would love to see Gluskin Sheff's methodology and data for coming up with that horizontal bar chart.   The chart clashes with a lot of the narrative in the press and elsewhere over the past few years.

And some of the data is fishy.   Although London is very expensive when it comes to real estate, you can buy a decent-size flat in a low-rise walk-up in London for a lower cost-to-average income ratio than you can in Toronto.  It will be very close to essential services and very good public transportation.   It might even be within a 1/2 hour's walk of places like Oxford Circus or even the Bank of England building on Threadneedle Street.  Try that in Toronto or Vancouver.   

Another key difference this comparison fails to capture relates to the fact that in most of these markets, the % of people who own is lower than in Canada.   Part of why it is lower is because better quality rentals are affordable prices are available as alternatives to ownership, in part because of culture.