Vancouver has just been ranked the #3 least affordable housing market in the world behind Hong Kong and Sydney according to a survey by Demographia.
This is the second year in a row Vancouver ranked third after hitting second place in 2015. The city has been ranked with the worst housing affordability in Canada in all previous Demographia surveys since 2004.
Demographia reported Vancouver’s year-over-year price growth was equal to a year of household income in the city. It also mentioned the city experienced a “modest” net domestic out-migration in 2016, meaning more people left the city than moved in.
Which city do you think those people that left Vancouver are moving to: Hong Kong or Sydney?
Read the full article here.