The continents most ‘severely unaffordable’ market
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).
January 28th, 2009 at 11:17 pm
MrBear:
"Paranoia strikes deep
Into your heart it will creep
You stop 'cause your allways afraid
Step out 'a line , the man comes to take you away"
Maybe I'm everybody on the board, maybe I'm you hating your mommy for doing that to you, …… you know what , don't you. The dog next door is telling you to kill them all, no one understands his barking commands but you. OOOOooooOOOooooOOOO, everybody is conspiring against you now.
Did you take your medication todayyayyayyayyayyay.
January 28th, 2009 at 10:50 pm
"Sound like you are a spoiled child living in the basement waiting for parents to croak from melamine overdose at Dim Sum."
This sort of comment obviously does not belong here.
Anyhow, back to the real estate topic. I've seen a few houses near my area listed higher today than it was a year ago. What are these ridiculous people doing?
A house on Heather near 54th going for 3.2 million? What the hell? My dad told me that person bought it for 2.8 million. What world are they living in? Or am I living in the correct world? Let me get this straight, a piece of land there, at 50×130 is worth around a maximum of 900,000. I'm already being generous. Now how much does it cost to build a house on that type of lot size, assuming they're using premium marble and super thick real granite for their kitchen and fireplace. A million? At max, the house should be worth 2million, and I'm being generous here. How the heck can it be listed for 3.2 Mill?
btw, the house is empty, I pass by it almost every night and day, and yes, I live near there if you really want to know.