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

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

‘impossibly unaffordable’: housing report ranks vancouver 3rd most expensive in the world

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.

‘impossibly unaffordable’: housing report ranks vancouver 3rd most expensive in the world
2:08 Vancouver holds hearings into increasing density in Shaughnessy neighbourhood

“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.

The email you need for the day's top news stories from Canada and around the world.

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.

“Any time you basically say, ‘You shall not build anything beyond this point,’ you create an excess of demand over supply,” he said Wendell Cox. “And that’s exactly what’s happened in Vancouver.”

The province says less than five per cent of B.C.’s land is designated for agricultural use and it needs to be protected as farmland.

‘impossibly unaffordable’: housing report ranks vancouver 3rd most expensive in the world
3:55 Impact of rate cut on housing affordability

Vancouver has ranked among the top three least affordable major markets in the report for the last 16 years. The report notes the impact of housing prices is now spreading to other B.C. markets in the Fraser Valley, Okanagan and Vancouver Island.

Among the six Canadian markets evaluated, Toronto was ranked the second most unaffordable, and ranked 10th among the 94 markets surveyed. Edmonton and Calgary faired the best within Canada and were rated moderately unaffordable.

‘impossibly unaffordable’: housing report ranks vancouver 3rd most expensive in the world
2:00 Metro Vancouver mayors push back on housing targets

The cost of housing has prompted many British Columbians to move to other provinces, with Alberta being a popular choice.

Last year, B.C.’s interprovincial migration was negative for the first time since 2012, according to Statistics Canada.

Earlier this month, an Angus Reid poll found 36 per cent of British Columbians said they are “giving serious consideration” to leaving B.C. due to housing affordability.

One Western Canadian moving company has experienced the recent exodus first hand.

“In the years leading up to the pandemic, we were moving people to B.C. over Alberta, two to one,” said Two Small Men with Big Hearts Moving CEO Addison Parfeniuk.

“Through 2022, people are moving in droves to Alberta instead. We see that peak Q4 2023, it’s about two to one at that point.”

While the report notes there was some improvement on housing affordability in 2023, it was not enough to return to the pre-pandemic affordability levels. The number of severely unaffordable markets dropped from 52 to 42, but the number of seriously and moderately unaffordable markets increased.

The new rating of impossibly unaffordable was added to the report this year due to a level of unaffordability that did not exist three decades ago, according to the report’s authors.

More on BC

OTHER NEWS

16 minutes ago

TV tonight: Prince Harry, Hugh Grant and Paul Gascoigne on the phone hacking scandal

16 minutes ago

Russian and Chinese Nuclear Bombers Approach U.S. Airspace

16 minutes ago

‘Play to his tools’: Lyon resistant to move

16 minutes ago

Orlando Pirates midfielder wanted by clubs in Morocco and Spain

16 minutes ago

Kering Plunges as Gucci’s Sputtering Turnaround Hits Profit

16 minutes ago

Founder of Georgia’s Ruling Party Targeted in Assassination Plot

16 minutes ago

The best Saturday ladies’ nights in Abu Dhabi

16 minutes ago

Video: Crowd of hundreds mass overnight outside police station where men from Manchester Airport video were taken after chaotic incident where cop kicked and stamped on man's head chanting 'GMP shame on you'

16 minutes ago

Porsche bids to restore production, boost margins after weak first half

16 minutes ago

Even hit band Teen Jesus struggles to make rock pay

16 minutes ago

Marvel Rivals beta review - superhero shooter

16 minutes ago

World of Warcraft: The War Within's pre-patch may have dug up the graves of deleted characters—including my ancient shaman with a hearthstone that killed me

16 minutes ago

Lloyds first half profit slips 14% as competition bites

16 minutes ago

Tom Tugendhat: I’m ready to leave the ECHR

16 minutes ago

Thomas asked Pogacar about the Vuelta: "He said: I need to keep people in the team happy"

16 minutes ago

Hell Jumper review – the heartstopping tale of the volunteer who saved hundreds of Ukrainians

16 minutes ago

UK weather: Exact location pollen levels to rocket at high today despite plunging temperatures

16 minutes ago

The Decameron, review: The White Lotus meets the Black Death in hilarious historical romp

16 minutes ago

UK weather warning as 'death zone' temperatures to hit in 'near future'

16 minutes ago

Extreme heat is breaking global records: Why this isn’t ‘just summer,’ and what climate change has to do with it

16 minutes ago

Japanese automaker Nissan lowers its profit forecast amid incentive, inventory woes

16 minutes ago

Container of organs found in London park sparks major police investigation

16 minutes ago

Haas F1 announce driver to partner Ollie Bearman next year

16 minutes ago

Powerlifter Liam McGarry looking to ‘upset medal party’ at Paris Paralympics

16 minutes ago

Esteban Ocon to join Ollie Bearman at Haas next season

16 minutes ago

Carol Kirkwood says she had to ‘find herself’ before moving on from divorce

16 minutes ago

5 ways to wear Bella Hadid-inspired sheer outfits this summer

16 minutes ago

NRLW player stood down after being charged with assault

16 minutes ago

Bunnings confirms it will host a rave after viral TikTok campaign

16 minutes ago

NBL's best sixth man returns in Melbourne title boost

16 minutes ago

2 ASX biotech shares rocketing more than 40% on big news

16 minutes ago

Why is the Sayona Mining share price hitting a multi-year low today?

16 minutes ago

How much money do I need for a comfortable retirement?

16 minutes ago

This version of the GOP might not be as pro-Wall Street as once thought, says Jim Cramer

16 minutes ago

Constable’s The Hay Wain to be presented as ‘contested landscape’

16 minutes ago

Biden speaks from the heart as he ‘passes torch to new generation’

16 minutes ago

Cotton On co-owners list magnificent five-bedroom Great Barrier Reef mansion with helicopter access

16 minutes ago

Gippsland crash: Horror as car and school bus packed with students collide, two hospitalised

16 minutes ago

Video: GOP insider reveals the ONE candidate that Team Trump dreaded most - and why crowning Kamala Harris was a mistake Dems will regret

16 minutes ago

Video: Kevin McCarthy rips Republicans for 'totally stupid and dumb' attacks on Kamala Harris and reveals huge reason they should not call for Joe Biden to resign