News Flash! This just in, hot off the presses! Vancouver has become one of the most unaffordable cities in the world.
Vancouver not only has the least affordable housing of 28 markets measured in Canada, but of 272 metropolitan markets ranked in Ireland, the U.K., New Zealand, Australia, the U.S. and Canada, according to statistics compiled by the Winnipeg-based Frontier Centre for Public Policy.
We’re number one! We’re number one!
The numbers are calculated by dividing the median (or middle) residential house sale price from the third quarter by median annual gross household income. In Vancouver, for example, a median home price of $540,900 was divided by median household income of $58,200 to create a multiple of 9.3. The group describes as “severely unaffordable” any reading of 5.1 and over.
Not only that, it is “unprecedented in modern history,” the group said.
Ah! A brave new era! We’ve broken records and surely now prices have nowhere to go but up! Congratulations to everyone who took part in the contest by bidding up home prices, and a special thanks to the CMHC. I don’t think we could have done it without your generous support!