Vancouver is world’s third most unaffordable place to live
Posted January 24, 2011 11:37 am.
This article is more than 5 years old.
VANCOUVER (NEWS1130) – The price of an average home in Vancouver is equal to about nine and a half years of income. Vancouver is the third most unaffordable place to live behind only Hong Kong and Sydney, Australia.
David Seymour with the Frontier Centre for Public Policy compared 325 housing markets worldwide and also found that four out of the six severely unaffordable markets in Canada are right here in BC. “Victoria at 7.1 years income to buy a house, Abbotsford at 6.5 and Kelowna at 5.9 years.”
The study is based on an average income of $63,000 a year, and an average home of $620,000. “It’s not just a matter of having to save that much income. But once you have to pay interest on that money you actually end up paying quite a bit more.”
The next two unaffordable housing markets in Canada are Montreal and Toronto.
