Vancouver has become “decoupled” from the historic relationship between incomes and housing prices, Demographia said.
According to Demographia, the least affordable cities in that group of countries, in descending order are: Hong Kong, Vancouver, Sydney, San Francisco and San Jose. Sixth place was Tweed Head in Australia, where the average home price is 9.1 times more expensive than the median annual income.
Chart source: Demographia
Demographia said the least affordable cities share one thing in common.
“Without exception, these markets have severe land use restrictions that have been associated with higher land prices and in consequence higher house prices.”
In addition to Vancouver, the three least affordable metropolitan markets in Canada were all in British Columbia: Victoria, Kelowna and the Fraser Valley.
Canada also had one city in Demographia’s most affordable listing: Moncton, New Brunswick, where the average home price is 2.2 times higher than the median annual income.
(Business Vancouver)
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