Vancouver is known for being Canada’s most unaffordable real estate market, but according to a new study, the city ranks above all other metro areas across North America too.
Simon Fraser University adjunct professor Andy Yan used 2016 census data to determine the affordability index ratios of major metropolitan areas across Canada and the United States. Yan, who is the director of the Simon Fraser University City Program, determined the top 25 unaffordable housing markets by comparing a city’s median home prices to median household incomes.
Greater Vancouver took the top spot for the worst housing affordability with a ratio of 11. This means the median home price of $800,220 is 11 times the median household income of $72,662.
Los Angeles and San Jose followed Vancouver with a ratio of 8.8 and 8.3, respectively.
Vancouver Beats L.A. As Least Affordable Housing Market In North America
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