For yet another year, Vancouver has the dubious honour of being one of the most unaffordable cities for housing, according to an annual international study.
Vancouver ranks 3rd in the 2017 Demographia International Housing Affordability Survey, down one spot from 2016 when it was second.
The survey compares 406 metropolitan housing markets in nine countries: Australia, Canada, China, Ireland, Japan, New Zealand, Singapore, the United Kingdom and the United States.
It's the 13th edition of the report, which links median house prices to median household incomes otherwise known as the "median multiple."
A value 3.0 or under is deemed affordable. Vancouver's median multiple is 11.8.
Quite the discussion of the Chinese effect here:
This will impact real estate around the world, but Vancouver is a particularly popular place for Chinese buyers. Using the foreign buyer data from the B.C. Ministry of Finance, we can see 4,515 units bought between June 2016 (the first month tracked) to November 2016 (last point available). The average price of units during those periods is CA$1,012,372 (US$776,091), around 14x the median household income of a BC family.
Not every one of the 4,515 buyers is going to default, but that’s the tip of the iceberg. B.C. has only been tracking foreign buyers for 6 months, and Vancouver has been a popular destination for Chinese buyers for much longer.
From the embedded Demographia link in the first article:
As to Vancouver, be sure to play: http://crackshackormansion.com/part2.html