Vancouver ranks as the second least affordable major city in the world after Hong Kong when it comes to buying a house, according to an international survey released this week.
At $621,300, the median home price in the city is 9.5 times the gross annual median household income, according to the report by U.S.-based consulting firm Demographia. That’s down slightly from a median multiple of 10.6 in 2011, but still places Vancouver in the ‘severely unaffordable’ category.
The report pinpoints so-called ‘urban containment’ policies, which seek to limit the amount of land developed in a city, as the culprit for the lack of affordable housing in Vancouver and other major Canadian cities such as Toronto and Montreal.
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