Demographia has just released their 5th annual international housing affordability survey, and it puts Vancouver at the top of the list of ‘severely unaffordable‘ markets on the continent, and the 4th most ‘severely unaffordable’ market of all cities surveyed. Here’s a PDF of their report, and here are some choice excerpts:
In recent decades, the Median Multiple has been remarkably similar among the nations surveyed, with median house prices being generally 3.0 or less times median household incomes. This historic affordability relationship continues in many housing markets of the United States and Canada. However, the Median Multiple has escalated sharply in Australia, Ireland, New Zealand and the United Kingdom and in some markets of Canada and the United States.
…many of these severely unaffordable markets have experienced steep price declines in the last year. Among the major markets, Vancouver is the least affordable, with a Median Multiple of 8.3, followed by Sydney (8.3), San Francisco (8.0), San Jose (7.2), Adelaide (7.1), Melbourne (7.1) New York (7.0) and London (6.9).