The widely reported annual Demographia Housing Affordability Survey has been released January 21 – and despite Vancouver’s real estate market slowdown, the city has moved back up in the rankings of the world’s least-affordable housing markets.
Having been ranked in third place for three years running (after Hong Kong and Sydney, Australia), Vancouver has the dubious honour of displacing Sydney to return to second place in the 2019 chart. Hong Kong remains top of the list for the ninth year in a row.
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The report ranks 309 cities in eight countries using a method called the median multiple, which is calculated by comparing the city’s median home price (in 2018’s third quarter) with the median local household income. The countries in the survey are Canada, the U.S., China (Hong Kong only), Singapore, Australia, New Zealand, the U.K. and Ireland.
Vancouver is deemed to have a median multiple of 12.6, which is the same as in 2018, and means that the median Vancouver home price is 12.6 times the city’s median household income. Hong Kong’s median multiple is slightly up from last year, now at 20.9, and Sydney’s has dropped to 11.7 from 12.9 last year.