For the third year in a row, Vancouver has ranked as the third least affordable city in the world in a Demographia report that analyzes home prices in nine countries around the world: Canada, the United States, Australia, China (Hong Kong), the United Kingdom, Ireland, Japan, New Zealand and Singapore.
The annual study takes into consideration the average home price as a multiple of the average median household income. Those cities with multiples of three or less are considered to be affordable, and those with multiples of 5.1 or greater are said to be severely unaffordable.
Vancouver’s multiple is 12.6, which means the average home price is 12.6 times higher than the average household income. Unaffordability is on the rise in the city; last year the multiple was 11.8, and in 2016 it was 10.6.