{"id":15294,"date":"2018-02-01T11:36:03","date_gmt":"2018-02-01T16:36:03","guid":{"rendered":"http:\/\/www.zoocasa.com\/blog\/?p=15294"},"modified":"2018-02-01T11:42:07","modified_gmt":"2018-02-01T16:42:07","slug":"vancouver-housing-market-third-most-expensive-in-world","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/vancouver-housing-market-third-most-expensive-in-world\/","title":{"rendered":"Vancouver Housing Market Third Most Expensive in the World"},"content":{"rendered":"

House prices have surged well past economic fundamentals in Canada for at least a decade, with many international and national organizations expressing concern over the potential damage rising prices could have on the nation\u2019s economy.<\/p>\n

Vancouver was ranked the third least affordable major housing market in world, right behind Hong Kong and Sydney at the number one and two spots respectively, according to the 14th edition of Demographia International\u2019s annual\u00a0Housing Affordability Survey<\/a>.<\/p>\n

Dwelling Costs Outweigh Incomes<\/h2>\n

The survey rates middle-income housing affordability using a measure known as the median multiple. This measure captures the median house price divided by the median household income in a given market. A median multiple of 5.1 means a dwelling costs more than five times the average annual household income, and is classified as being \u201cseverely unaffordable\u201d.<\/p>\n

Toronto and Montreal Also Make List<\/h2>\n

Vancouver\u2019s jaw-dropping median multiple of 12.6 is the third worst among the 92 metropolitan areas analyzed, and is the third worst in the survey\u2019s history. Only Hong Kong and Sydney have posted less affordable median multiples.<\/p>\n

\u201cVancouver has experienced the greatest housing affordability deterioration among major markets in the Demographia Annual International Housing Affordability Survey,<\/p>\n

with its Median Multiple rising by more than 2.35 times, from 5.3 in 2004 to 12.6 in 2017,\u201d the survey said. \u201cThe 2017 UBS Global Real Estate Bubble Index rates Vancouver as tied (with Sydney) for the fourth worst housing \u2018bubble risk\u2019 in the world.\u201d<\/p>\n

Also read: Housing affordability hits lowest point in 27 years<\/a><\/strong><\/p>\n

Toronto also has a severely unaffordable housing market, with a median multiple of 7.9.<\/p>\n

Other unaffordable Canadian markets include Montr\u00e9al (4.5), Calgary (4.1), and Calgary (4.1).<\/p>\n

For the sixth consecutive year, Moncton was the most affordable housing market in Canada, with a median multiple of 2.1.<\/p>\n

\u201cFredericton (NB) and Fort McMurray (AB) have affordable Median Multiples of\u00a02.2 and St. John (NB) has a Median Multiple of 2.3. There are seven other affordable [Canadian] markets,\u201d the survey said.<\/p>\n","protected":false},"excerpt":{"rendered":"

House prices have surged well past economic fundamentals in Canada for at least a decade, with many international and national organizations expressing concern over the potential damage rising prices could have on the nation\u2019s economy. Vancouver was ranked the third least affordable major housing market in world, right behind Hong Kong and Sydney at the […]<\/p>\n","protected":false},"author":62,"featured_media":15297,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"footnotes":""},"categories":[487,587],"tags":[],"class_list":["post-15294","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-guest-posts","category-vancouver-real-estate"],"yoast_head":"\nVancouver Housing Market Third Most Expensive | Zoocasa Life<\/title>\n<meta name=\"description\" content=\"The Vancouver housing market has been ranked as the third most expensive in the world, according to the latest demographic and income...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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