While it may not be surprising that Vancouver’s housing market is unaffordable at large. It’s now been made official as being named the least affordable in all of North America.
A report by Oxford Economics has ranked cities where the price of a median home compared to what the median family could afford. The results puts Vancouver right on top, above major American cities like New York, Los Angeles, and Miami.
Joining Vancouver in the top 5 are: Toronto, Hamilton, San Jose, and Los Angeles.
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The report says that, “unaffordability is a persistent issue in Toronto and Vancouver, and the recent price surge has served to exacerbate this more than decade-old trend.”
The chart below shows the most and least affordable cities for housing in North America. Vancouver B.C. tops the list, where as Calgary A.B. is at the opposite end as the most affordable city for housing.
The report writers do blame the impact of the pandemic on housing demand and supply. Essentially, it found that paying for a homes was getting close to two times what families can afford and still pay for things like groceries.
This coupled with the fact that the Canada Mortgage and Housing Corporation has forecasted rising prices and tighter budgets will continue for the next 3 years, may cause a cooling in the markets.
Time will tell, but the report does make it clear that Vancouver is feeling more out of reach, even amongst those that already live here.
You can read the full report on Oxford Economics.
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