The Vancouver housing market has just earned the title of 2nd least affordable in the world, for the second time.
That’s according to an annual list, where Demographia International Housing Affordability Survey, looks at housing affordability across the globe.
While Vancouver placed 2nd, Hong Kong topped the list and Sydney, Australia came third.
RELATED: Bleak Times: Only 12% Of Vancouver Families Can Afford To Own a Home
The top three spots haven’t changed too much in the past few years. Vancouver placed third, below Sydney, from 2017-2018. But it has now switched spots.
To come up with these numbers, the survey looks at median housing prices divided by the median household income.
Vancouver’s score is 11.9, meaning the median house price is almost 12 time more than the median household income.
The provincial government is making steps to address the housing crisis, by introducing the foreign buyers’ tax and the empty homes tax.
But that may take some time before its effects on the Vancouver housing market is noticeable.
The top 10 spots on the list go to:
- Hong Kong
- Vancouver
- Sydney
- Melbourne
- Los Angelas
- Toronto
- Auckland (This ties with Toronto)
- San Jose
- San Francisco
- London
The list looks at 309 places around the globe.
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