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A new study has ranked the most unaffordable housing markets in the world and unsurprisingly, Vancouver has landed in the top three.
According to the 13th Annual Demographia international Housing Affordability Survey, Hong Kong, China is the least affordable housing market in the world, Sydney, Australia places second and Vancouver is third least affordable.
The study cites the fact that house prices rose the equivalent of a full year’s household income in just one year.
The median price of a home in the city is $830,100, while the median household income is only $70,500.
No other Canadian cities placed on the ten least affordable list.
On the other end of the spectrum, Moncton, N.B. was named the fifth most affordable housing market in the world.
None of Canada’s major cities made the affordable list, though, with Toronto labelled severely unaffordable and Calgary and Edmonton listed as seriously unaffordable.
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