Survey puts local market more out of reach than New York, London, L.A.
(Source: The Province)
It now takes 9.3 years of income to buy a Vancouver home, compared with three years’ income in previous generations, according to the sixth annual Demographia housing survey, released Monday by the Frontier Centre for Public Policy in Winnipeg.
That’s up from 8.4 years, as measured two years ago and puts Vancouver at the top of the list of “severely unaffordable” housing markets in the U.S., the U.K., Ireland, New Zealand and Australia, including cities such as New York, London and Los Angeles.
In 2008 when U.S. values were skyrocketing, Vancouver was in 15th place.
The survey calculated the cities’ “median multiple” — the median residential house sale value ($540,900 in Metro Vancouver [see list of all neighourhoods]) divided by the median annual gross household income ($58,200) — and pegged Vancouver at 9.3.
Read Susan Lazaruk’s full article “Housing ‘severely unaffordable‘” in The Province (January 26, 2010).