Published on : Saturday, January 28, 2017
Vancouver is Canada’s third-largest metropolitan center and home to about 2.5 million people. The West Coast city ranked third on the 2017 Demographia International Housing Affordability Survey. Vancouver ranked second overall last year.
Demographia compares 406 metropolitan housing markets in nine countries including Canada, China, Australia, Ireland, Japan, New Zealand, Singapore, the United Kingdom and the United States.
The report, now in its 13th year, links median house prices to median household incomes, for a so-called median multiple. Vancouver’s median multiple is 11.8. A value of 3.0 or less is considered affordable.
The findings blasted Vancouver as having the worst housing affordability in all of Canada, rating the city as “severely unaffordable”.
This year’s study also said that more people moved out of Vancouver last year than moved in.
Only Hong Kong, and Sydney, Australia were rated as more unaffordable than Vancouver, with a median multiple of 18.1 and 12.2, respectively.
Vancouver was trailed on the list by cities such as: Santa Cruz, California (11.6); Santa Barbara, California (11.3); Auckland, New Zealand (10.0); San Jose, California (9.6); Melbourne, Australia (9.5); and Honolulu, Hawaii (9.4).
Vancouver has a reputation as a highly livable and safe city, with a clean environment, natural beauty and good schools. But the cost of housing has been at a crisis level in recent years.