March home sales and new listings set records in Metro Vancouver VANCOUVER, BC –…
VANCOUVER—Vancouver has the biggest gap between median home prices and incomes in North America, new data shows.
Andy Yan, an urban planner who is the director of Simon Fraser University’s City Program, crunched the numbers for a host of North American cities using numbers from the Canadian and American 2016 censuses.
Despite having one of the strongest economies in Canada, the gap between Vancouver home prices and incomes still increased sharply between 2011 and 2016.
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In 2011, housing prices were 9.4 times higher than incomes. By 2016, the gap had widened: housing prices are now 11 times higher than median household incomes.
Among the 25 cities with the highest home prices, Vancouver falls in third place, behind San Jose-Sunnyvale-Santa Monica (i.e., Silicon Valley) and San Francisco.