Cielo condos buzzbuzz . Housing prices are the most affordable in cities. Of the 309 cities in eight countries in the world, Fort McMurray in Canada ranks first in terms of housing affordability, while Vancouver ranks 308th, second to last, and Toronto sixth to last.Please Visit: Cielo condos buzzbuzz to Get Your VVIP Registration Today!
In the ranking of the world’s most affordable cities, three of the top 10 cities are in Canada and the remaining seven are in the United States. The 10 cities are: Fort McDonald in Canada, Peoria in the United States, Davenport in the United States, Rockford in the United States, Udeka-Rome in the United States, Akron in the United States, Frederickton in Canada, McCullen in the United States, St. John in Canada, and Syracuse in the United States.
The ten most unaffordable cities in the world are Hong Kong, Vancouver, Sydney, Melbourne, Los Angeles, Toronto, Auckland, San Jose, San Francisco and London.
According to the median house prices in the third quarter of last year divided by the median annual income before tax, the report concluded that the number of years required to buy a house, with a score of 3.0 and below, was better for housing affordability; a score between 3.1 and 4.0 was moderate for housing affordability, with a score of 4.1 to 5.0, which was the worst for housing affordability; a score of 5.1 and above was the worst for housing affordability.
The results show that Canada accounts for two of the top 10 cities with the worst affordability, namely Toronto and Vancouver. Among them, Vancouver scored 11.9, the second lowest in the world in terms of house price burden, second only to Hong Kong, which scored 20.8. Toronto scored 8.6, sixth from the bottom.
Fort McMurray in Asia scored as low as 1.8, with the best affordability of house prices in 309 cities around the world. The report said that the low score of Fort McDonald is mainly due to the drag on the local housing market due to the downturn in the energy industry.
The report’s authors say it is indeed a problem that the burden on Canadian house prices has deteriorated and that house prices have risen much faster than household incomes. The International Organisation for Economic Co-operation and Development (OECD) has also said that the contraction of the Canadian middle class is mainly due to the rapid rise in house prices.
In the UBS global real estate bubble index ranking, Vancouver bubble risk is the sixth largest in the world, Toronto bubble risk is the second largest, bubble risk is second only to Munich in Germany, and worse than Hong Kong and Vancouver. The report’s authors believe that the housing affordability of Toronto and Vancouver continues to deteriorate, mainly because urban development planning restricts the use of land for residential development, resulting in a shortage of new houses.