Vancouver is the second-most unaffordable city in the world for housing, according to an international survey released by a U.S. think-tank.
In its ninth annual housing affordability survey, Demographia said Vancouver’s housing market is “grossly overvalued,” and is second only to Hong Kong in unaffordability.
Vancouver received a median multiple of 9.5, meaning its median housing price is roughly 9.5 times greater than its median household income. Hong Kong received a 13.5.
According to the survey, B.C. is generally the hardest place in Canada to buy a home.
Victoria, Kelowna and Abbotsford were named the three other most unaffordable metropolitan markets in the country, as median housing prices were more than five times greater than median income in those cities.
Toronto and Montreal capped the list of Canada’s most unaffordable markets.
The most affordable major housing market in the survey was Detroit, Mich., due to the city’s extreme economic decline.
Read more about Demographia’s survey here.
