Vancouver the 4th Most Unaffordable City in the World, Report Finds
https://www.theepochtimes.com/world/vancouver-the-4th-most-unaffordable-city-in-the-world-report-finds-5861966?ea_src=ca-frontpage&ea_cnt=b&ea_med=vancouver-the-4th-most-unaffordable-city-in-the-world,-report-finds-0
Vancouver ranks as the least affordable city for homeownership in Canada and is the fourth least-affordable globally, a recently released report on housing costs suggests.
The international report, conducted by the Center for Demographics and Policy at Chapman University in California and published by the Frontier Centre for Public Policy, studied housing costs in the third quarter of 2024 in major cities across eight nations. It found that the least affordable market was Hong Kong, followed by Sydney, San Jose, and Vancouver.
Toronto was also highlighted in the report as being among the cities with the least affordable housing. While Canada’s largest city didn’t make the top 10 list of the most unaffordable cities in the world to live in, it wasn’t far off. Of the 95 major housing markets analyzed, Toronto was identified as the 12th least affordable.
The 95 markets analyzed were in eight countries: Australia, Canada, China, Ireland, New Zealand, Singapore, the United Kingdom, and the United States.
An affordability ratio was given to each market by using the “median multiple,” the ratio of median house prices to gross median household income. A ratio of 3.0 or less is considered affordable, while cities with a ranking of 5.1 to 8.9 are labelled as “severely unaffordable,” and a score of 9.0 or more is “impossibly unaffordable.”
The national median multiple for Canada was recorded at 5.4.
Vancouver received a score of 11.8, making it “impossibly unaffordable” while Toronto was rated 8.4 and Montreal was rated 5.8, classifying them both as “severely unaffordable.”
Ottawa received a score of 5.0 and Calgary 4.8, to put them in the “seriously unaffordable” range. Only Edmonton, which came in at 3.7, was considered “moderately unaffordable.” Continue…