Festival Condos In Vaughan.People in Toronto don’t eat or drink for six years before they can buy a house. Housing affordability in the country’s big cities has declined again in the past year.Please Visit: Festival Condos In Vaughan to Get Your VVIP Registration Today!
It is reported that the survey covered 360 cities in nine countries or regions, including Australia, Canada, Hong Kong, Ireland, Japan, New Zealand, Singapore, the United Kingdom and the United States, by studying the income and house prices of local residents. to observe the affordability of housing there.
Although after several years of solid growth, house prices in Canada are not exaggerated, only 3.9 times household income, far lower than in many countries, and belong to the “more affordable” category. However, the market in different cities in the country is very different: in terms of the 35 cities surveyed. There are 5 cities that are “extremely unaffordable” (that is, housing prices are more than five times residents’ income), 6 “very unaffordable” (that is, housing prices are 4 to 5 times residents’ income), 17 “relatively affordable” (that is, house prices are 3 to 4 times residents’ income) and 7 “affordable” (that is, house prices are less than or equal to 3 times the average income).
Vancouver and Toronto, the two major immigrant cities in the west and east of the country, are “extremely unaffordable” cities. Among them, the house price in Vancouver is 10.3 times the income of residents, although it is the highest in the country and the second in the world, but it is slightly lower than the previous year. House prices in Toronto have risen to 6.2 times, meaning people in Toronto need to eat or drink for more than six years to buy a house.
The Toronto Real Estate Bureau commented that in view of the relatively relaxed lending environment, housing prices in Toronto are still in the “affordable” range. In fact, Toronto only ranks 33rd on this year’s list of housing affordability. If ranked by metropolises with a population of more than 2 million, Toronto ranks 11th.
Globally, Hong Kong remains the most unaffordable city in the world, with average house prices rising from 13.5 times the annual income of local households to 14.9 times, the highest in a decade. Many in the industry warn that Hong Kong’s overheated property market is piling up bubbles, as strong demand from Chinese mainland and record lows in mortgage rates push up prices. House prices in the region have more than doubled since 2009.
Apart from Hong Kong, the top 10 unaffordable cities in the world are Vancouver, San Francisco, Sydney, San Jose, Melbourne, Auckland, San Diego, Los Angeles and London. It is worth noting that with the recovery of the real estate market, the affordability of house prices in major cities in North America has declined, with San Francisco falling the most, with prices rising from 7.8 times to 9.2 times income within a year. In addition, almost every location in the top 10 listed cities has been a hot spot for Chinese real estate investment for at least the last decade.