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.”