232807
232902

BC  

BC most unaffordable

Vancouver is the world's third most unaffordable housing market, according to a survey by U.S. think tank Demographia.

Hong Kong topped that list, followed by Sydney, Australia.

Melbourne, Honolulu, Los Angeles, San Francisco, London and San Diego also ranked among the worst major cities for affordability.

B.C. has the dubious honour of being home to four out of the top five least-affordable Canadian areas: Vancouver, Victoria, the Fraser Valley and Kelowna.

The most affordable city in Canada was Moncton, N.B.

The health of the housing market is deteriorating rapidly in Canada, the report's authors say, with multiple industry and government organizations expressing concern over rapidly rising prices.

The annual study rates affordability based on what it calls the "median multiple" – which is calculated by dividing median home prices by median household incomes.

A multiple of 3.0 or less is considered affordable – Vancouver's was 5.1.

– with files from CTV Vancouver



More BC News



232391