Jan 23, 2017
By Michael Kramer
An international survey says Vancouver is the third least affordable city on the planet when it comes to home prices – and the west coast city is just behind Hong Kong and Sydney, Australia.
The 2017 Demographia International Housing Affordability Survey gives Vancouver a rating of 11.8 – meaning median home prices are 11.8 times higher than median household income.
Demographia says housing markets are affordable when median prices are no more than three times higher than median household income.
The survey says Toronto posted a year-on-year home price increase that is equal to a year of household income – and skyrocketing house prices will undermine the city’s recent best-city rating – from The Economist Intelligence Unit.