Vancouver displaces Sydney as second-costliest housing market in survey
Vancouver displaced Sydney as the least-affordable housing market after
Hong Kong among large English-speaking cities, as
home prices rose faster than incomes, a study of 325 metropolitan areas worldwide showed.
Vancouver`s median home price of C$678,000 ($686,400) in the third quarter was 10.6 times its median pretax household income of C$63,800, making the city `severely unaffordable,`
Demographia said in a report today. A ratio of 3 or less is considered `affordable,` according to the public-policy firm`s survey of markets in
Australia, New Zealand, Ireland, the U.K., the U.S.,
Canada and Hong Kong.
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