Daniels MPV2.Housing prices are the most difficult to afford in the world. According to the latest survey on housing affordability in a number of cities around the world, Hong Kong and Sydney, Australia continue to be the two most unaffordable cities, while Vancouver ranks third. The survey also found that housing affordability in Vancouver is declining rapidly.Please Visit: Daniels MPV2 to Get Your VVIP Registration Today!
According to the “Demographia International Housing Affordability Survey” report made by Demographia, an international survey agency based in the United States, and Performance Urban Planning from New Zealand, according to the data in the third quarter of last year, the housing affordability of 293 cities in nine countries and regions around the world is calculated. The median property price is divided by the median annual pre-tax income. If the median multiple exceeds 5.1, housing in that city is seriously unaffordable.
The results show that Hong Kong continues to be the most affordable property price in the world with a median multiple of 19.4, followed by Sydney, Australia, with a median multiple of 12.9, while Vancouver continues to rank third with a median multiple of 12.6. In other words, on average, Vancouver residents have to “eat or use” for almost 13 years before they can buy a flat.
In addition, housing affordability in Vancouver has declined rapidly, rising sharply from 5.3 times the median 13 years ago to 12.6 in 2017, reflecting a serious deterioration in housing affordability.
In particular, the survey pointed out that British Columbia had earlier introduced overseas buyers to buy residential properties in Dawen, paying an additional 15 per cent property transfer tax (PTT), which once helped cool the red-hot property market, but property prices rose again in the past year to 11 per cent, about four times the increase in average income.
In addition, several cities near Vancouver are also seriously unaffordable for housing, including Victoria (8.1), Nanaimo,7.2 (Nanaimo,7.2), Chilliwack,6.8 (Kilona) and Kilona (Kilona).