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HomeNieuwsBuitenlandVancouver is the third least-affordable city in th ...
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Vancouver is the third least-affordable city in the world: Survey!

Posted by: Mr. Entertainment , woensdag, 20 april 2022

Vancouver, which placed second last year, was bumped by Sydney into the No. 3 spot this year, according to the Demographia survey.

Vancouver is now the third least-affordable city in the world after Hong Kong and Sydney, according to a new survey that compared housing unaffordability by examining median home prices and household incomes in key markets.

The results highlight the characteristics Vancouver shares with Sydney as a desirable place to live and own real estate, according to one broker with a view on how both are seen.

“They have a geopolitical situation and a weather, climate and location that people want to live in and see as safe. And at the same time, they are surrounded by water and land supply is limited,” said Theo Birkner, a Vancouver-based managing partner for Harcourts Real Estate, which has roots and offices in Australia and New Zealand, and entered Canada and Vancouver, in part, because of the many similarities it saw.

The survey was conducted by Demographia International Housing Affordability, a public policy firm in St. Louis. It covered the third quarter of 2021, included 92 cities and urban areas in Australia, Canada, China, Ireland, New Zealand, Singapore, the U.K., and the U.S.

Last year, Vancouver ranked ahead of Sydney. In 2018, it was third. Going back more than a decade, Hong Kong has topped both of these cities with a gap between home prices and income that generally has significantly exceeded that seen in Vancouver and Sydney.

The survey is based on a measure called median multiples, a price-to-income ratio that uses the median house price divided by median household income.

Vancouver’s median multiple in 2022 of 13.3 means a home costs more than 13 times the average annual income. Before the pandemic, the figure was 11.9.

The report said “severely unaffordable housing has spread from Vancouver to smaller markets, as Metro Vancouver has shed domestic migration to smaller markets in British Columbia, such as Chilliwack, the Fraser Valley, and Kelowna, and markets on Vancouver Island.”

Sydney’s median multiple in 2022 is 15.3, while Hong Kong is at 23.2, its highest ratio ever and the fourth straight year it has been over 20. San Jose is at 12.6, and Melbourne at 12.1.

The report acknowledges that cities have tried to tackle unaffordability.

“However, even with densification, housing affordability has deteriorated substantially, for example, in Sydney, Auckland, Vancouver, Toronto, San Francisco, Seattle, and many other markets.”

Birkner of Harcourts said there are “obviously so many layers,” but another challenge to affordability in Vancouver is that the condo market has become commoditized.

“Since 2010, when rental restrictions in stratas were lifted, realtors representing groups of investors started buying lots of units and the condo inventory. It made it more challenging for new homeowners and first-time homeowners to get in, and so they have had a lack of equity generation. It’s been hard to climb the market in the traditional way since then.

“People need parental help, or a few have large incomes or wealth to jump in. They’re not getting in from the base level. There are more multiple property owners, refinancing to buy another property.”

Both Sydney and Vancouver are in jurisdictions that have added various taxes, stamp duties and other measures to curb speculation and also demand by foreign buyers and non-residents. Both cities saw intense interest, starting in their more expensive areas from 2014 to 2017, especially as families and businesses moved large amounts of capital out of China.

There has been a drop in the number of these purchases in both cities. Still, high home prices in both cities have continued to climb, fuelled by a pandemic-era culture of working remotely and low interest rates to spur the economy, including investing in residential real estate.

Source: Vancouver SUN

Tags: 3, No., Vancouver, Vancouver SUN

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