Vancouver’s housing prices 2nd most unaffordable in the world By Peter Meiszner

An urban planning think tank says Metro Vancouver has the second-highest housing prices in the world when compared to local incomes.
Demographia compared urban areas with over 1,000,000 residents in OECD countries around the world.
They say Vancouver’s “strong urban containment policies” have caused the city’s affordability to “deteriorate markedly.”

The average house price in Metro Vancouver is $670,300, which would require 80 per cent of the average median household income to service the mortgage. That’s more than 2.5 times the 32 per cent guideline set out by Canadian Mortgage and Housing Corporation.

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