Property News

Vancouver leapfrogs Sydney in unaffordability index

Vancouver leapfrogs Sydney in unaffordability index
Vancouver’s property market has overtaken Sydney’s as the most unaffordable in the world behind Hong Kong according to a new study.

Research group Demographia, in its study of 325 metropoiltan areas world wide, revealed that Vancouver’s median homeprice is now $678,000…10.6 times the median pretax household income of $63,800, making it “severely unaffordable”.

Sydney’s home price to income ration was 9.2, while Hong Kong topped the ranking with 12.6… a record for the survey, surpassing Los Angeles’ 11.5 in 2007.

In a statement Demographia’s Wendell Cox and Hugh Pavletich, managing director of New Zealands’ Pavletich Properties, said: “Housing affordability generally improved in the surveyed nations, though the most unaffordable markets, Hong Kong and Vancouver, became even more unaffordable.”