‘Impossibly unaffordable’: Housing report ranks Vancouver 3rd most expensive in the world

Hong Kong was crowned the most unaffordable market in the world, followed by Sydney, Australia then Vancouver.

Vancouver is “impossibly unaffordable” on a global scale, according to a U.S. report.

While the news may not come as a surprise to British Columbians, new data is reaffirming Vancouver ranks among the world’s most unaffordable and outright expensive cities to live in.

A report by Chapman University in California analyzed median house prices alongside median household incomes, comparing 94 cities across eight countries including Australia, Canada, China, Ireland, New Zealand, Singapore, the United Kingdom and the United States.

Hong Kong was crowned the most unaffordable market in the world, followed by Sydney, Australia then Vancouver.

A total of 11 markets, including Vancouver, were deemed “impossibly unaffordable,” meaning median house prices are more than nine times the median household income.

None of the cities scored an affordable rating.

“To get a mortgage on the median priced house in Vancouver, you’re going to need an income of 200,000 maybe more,” said report co-author and international urban policy consultant Wendell Cox.

Cox’s report claims the cost of land is one of the major driving factors of unaffordability, particularly following the COVID-19 pandemic. He says it stems from land use policies that restrict housing supply, limit sprawl and increase density.