Vancouver is second most unaffordable market in the world

Tuesday, January 20th, 2015

Jamie Henry

Vancouver has been identified as one of the most unaffordable cities in the world in a study of major property markets. The Demographia International Housing Affordability Survey studies and ranks property markets in Canada, the U.S., the UK, Australia, Japan, China (Hong Kong), Singapore, Ireland and New Zealand. Its findings for this year rank Hong Kong as the most unaffordable city followed by Vancouver. While it is the only Canadian city in the top 10, Victoria, Toronto, Kelowna and Fraser Valley are also listed as unaffordable. Among the most affordable in the study are the New Brunswick markets of Moncton, Saint John and Fredericton, as well as Windsor and Charlottetown

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oronto becoming ‘the New York of the North’
House prices in Toronto will continue to be out of reach of many homebuyers even if there is moderation in the coming years. That’s according to a new report by TD Economics that highlights government regulations and taxation among the factors affecting affordability. The report says that the policy of pushing for high density with small units has led to an increasing shortage of townhouses and single-family homes, increasing prices. Co-author of the report, economist Diana Petramala, says that prices in the GTA mean that the area is now not far behind New York in terms of being unaffordable.
High-end sales hit new record in Vancouver
The number of Vancouver properties selling for $3 million or more hit a new record last year. The Macdonald Realty Group reports that there were 842 properties in the price bracket in 2014, an increase of 31 per cent from 2013. While most of the high-end homes sold were single-family detached properties, there were also many condos at higher prices. The record for homes selling above $5 million was also broken last year with 199 sales, beating 2013’s high of 148. 

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