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

Vancouver is “impossibly unaffordable” on a global scale, according to a U.S. report.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.Story continues below advertisement 2:08Vancouver holds hearings into increasing density in Shaughnessy neighbourhood“To get a mortgage on the median...