Vancouver is home to the top three most luxurious cities with expensive homes for middle-class income payees. Hong Kong was mentioned as the most expensive in a yearly housing affordability report, which happened to be the same in the previous year. In the list of the top five most expensive cities;
Hong Kong leads the way, with Australia in second place, Vancouver taking Sydney in the third spot and the Californian markets of Santa Cruz and Santa Barbara completing the list.
A median priced home in Vancouver will be 11.8 times more than a median earner’s income, increased 10.8 time a year before. In the listings, Toronto is at number 28, with a 7.7 incline on the income.
It was noted in the study, the swift worsening of the state of the real estate markets in both Toronto and Vancouver from last year’s figures. Nationwide, the 4.7 income increase for most markets was seen brutally unreasonable, and a ratio of 3.9 for all housing markets. Amongst the 40 markets, 10 seemed to be inexpensive, 13 reasonably high-priced, 10 are extremely expensive and 7 are outrageously priced. Moncton, the most reasonable market which had a 2.2 income increase, with Ottawa-Gatineau being the most affordable for most markets with an income increase of 3.9 per cent. Nonetheless, it was listed for middle-earners as moderately unaffordable.