[JohnnyB]

Vancouver Third Least Affordable City in the World

The survey was conducted by Demographia International Housing Affordability, a public policy firm in St. Louis. It covered the third quarter of 2021, included 92 cities and urban areas in Australia, Canada, China, Ireland, New Zealand, Singapore, the U.K., and the U.S.

The survey is based on a measure called median multiples, a price-to-income ratio that uses the median house price divided by median household income.

Vancouver’s median multiple in 2022 of 13.3 means a home costs more than 13 times the average annual income. Before the pandemic, the figure was 11.9.

“Since 2010, when rental restrictions in stratas were lifted, realtors representing groups of investors started buying lots of units and the condo inventory. It made it more challenging for new homeowners and first-time homeowners to get in, and so they have had a lack of equity generation. It’s been hard to climb the market in the traditional way since then.

“People need parental help, or a few have large incomes or wealth to jump in. They’re not getting in from the base level. There are more multiple property owners, refinancing to buy another property.”