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Vancouver has crept up the ladder of unaffordable cities around the
world, with the median house now costing almost eight times the median
income here. An international study of housing
affordability done by Demographia places Vancouver as 13th worst in the
world for affordability -- up from 15th last year -- since it takes 7.7
times the median income of $58,100 to buy the median house at $448,800.
This year's study also included Victoria for the first time, ranking it
at 23rd among the 25 most unaffordable housing markets in the world.The
report is the third annual study done by Demographia, a company owned
by American public-policy professor Wendell Cox, which looks at housing
prices in six major industrialized countries.Other places included
among the "most unaffordable" markets were Los Angeles-Orange County,
in the No. 1 spot, San Diego,
Honolulu, San Francisco and London, England. Victoria was tied with
Sacramento, Calif., Sarasota, Fla., and Melbourne, Australia. According
to the report, it takes 6.6 times the median income to buy the
median-priced house at $370,500 in those cities. Regina was the city
ranked as the most affordable in the Demographia report. Overall, the
unaffordable cities have just become slightly more so.Cox and fellow
author, New Zealand property-investment
manager Hugh Pavletich, both blame the effect of smart-growth-style
policies and strong planning controls for global unaffordability.