Skip to main content

A real estate sold sign is shown outside a house in Vancouver, on Jan.3, 2017.

Jonathan Hayward/THE CANADIAN PRESS

An annual international survey rates Vancouver as the third least affordable housing market on the planet and it also has a warning about Toronto housing.

The 2017 Demographia International Housing Affordability Survey gives Vancouver a rating of 11.8, meaning median home prices are 11.8 times higher than median household income.

Only Hong Kong, with a rating of 18.1, and Sydney, Australia, at 12.2, outstrip Vancouver.

Story continues below advertisement

Demographia says housing markets are affordable when median prices are no more than three times higher than median household income.

The 2017 survey ranks 406 markets in nine nations and puts Toronto at 28th on the list with a ranking of 7.7.

Demographia says Toronto posted a year-on-year home-price increase equal to a year of household income and it says soaring house prices will undermine the city's recent best-city rating from The Economist Intelligence Unit.

Other cities on the top 10 unaffordable list include Auckland, where prices are 10 times above median income, followed by San Jose, Calif., Melbourne, Honolulu, Los Angeles, San Francisco and the southwestern England region of Bournemouth and Dorset.

A new real estate report from Royal LePage analyzing trends in the last quarter of 2016 suggests that the GTA will become the hottest housing market in the country in 2017, surpassing Vancouver.
Report an error
Comments

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

Comments that violate our community guidelines will be removed.

If your comment doesn't appear immediately it has been sent to a member of our moderation team for review

Read our community guidelines here

Discussion loading…

Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.