Vancouver is the third most unaffordable among a survey of major world cities, according to an international study.
And with affordability deteriorating faster than any other major city, Vancouver also has the worst housing bubble risk, the study says.
Meanwhile, a new poll shows that millennials across B.C. say Vancouver is the first place they would like to move to, “if money were no object.”
The 2017 Demographia International Housing Affordability Survey, which compares median house prices to median household incomes to generate an affordability ratio, surveys 406 metro housing markets in nine countries. A “median multiple” value of 3.0 — meaning a home costs about three times annual household income — is deemed affordable in Demographia’s study.
Vancouver is rated “severely unaffordable” with a median multiple value of 11.8. At a value of 18.1, Hong Kong is the survey’s most unaffordable city. And in Australia, Sydney is slightly more expensive than Vancouver, with a 12.2 median multiple value.
