Metro Vancouver real estate is valued at 65 per cent higher than it should be, based on local incomes, according to a new global house price index by The Economist.
The U.K.-based financial publication’s research team found that the region’s home prices have risen by more than 60 per cent over the past five years.
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In terms of real estate value versus median household incomes, The Economist reported that Metro Vancouver was the fifth most overvalued of 22 major global cities studied, after Hong Kong, Auckland in New Zealand, Paris, and Brussels in Belgium.
Vancouver is followed by London, UK and Sydney, Australia, both of which were deemed overvalued by 50 per cent or above.