Vancouver has dropped one place, now behind both Hong Kong and Sydney, in an annual ranking of global cities with the least affordable housing markets.

According to the newly released findings of Urban Reform Institute’s Demographia International Housing Affordability Study for 2021, based on the final quarter of the year, Vancouver’s median multiple is now at 13.3 — up from 13.0 in the previous study analyzing 2020.

The median multiple is the price-to-income ratio, which is the median house price divided by the gross median household income, pre-tax. This means Vancouver’s median house in Vancouver costs 13.3 times the average annual income in the city.

Vancouver’s median multiple exceeded Sydney since 2018, but both cities have now flipped positions again, with the median multiple of Australia’s largest city growing from 11.8 in 2020 to 15.3 in 2021.

Vancouver and Sydney are followed by San Jose at 12.6, Melbourne at 12.1, Honolulu at 12.0, San Francisco at 11.8, Auckland at 11.2, Los Angeles at 10.7, and Toronto at 10.5.

Hong Kong remains the least affordable housing market in the world, with a median multiple of 23.2.

Although Vancouver is ranked third for its poor affordability, it saw the smallest year-over-year increase in its median multiple amongst the top 10 cities.

For More Information:CLICK HERE