It may come as no surprise, but a new survey has determined that Vancouver is the second least affordable place to buy a home in the world.
The Demographia International Housing Affordability Survey looks at 309 urban markets around the world every year and ranks them for affordability.
This year, Hong Kong has again been ranked as the least affordable housing market in the world, followed by Vancouver, Sydney, Melbourne, and Los Angeles.
“While a British Columbia foreign buyers tax has been associated with a moderation of house prices in Vancouver, reductions have been concentrated in higher cost houses, with middle market housing affordability having continued some deterioration,” notes the study.
Vancouver wasn’t the only Canadian city to make the top ten ranking, as Toronto rounded out the list, tied for the number 10 spot with London, England.
Toronto has a severely unaffordable housing market due to a more than doubling of middle-income house prices relative to incomes. The 2018 UBS Global Real Estate Bubble Index also rates Toronto as having the third worst housing “bubble risk” in the world.
The study surveyed Australia, Canada, China, Ireland, Japan, New Zealand, Singapore, the United Kingdom, and the United States.