It comes as no surprise, Vancouver has been ranked one of the least affordable housing markets in the world according to Demographia’s annual survey.
The city ranks third place for the second year in a row; back in 2015, Vancouver nearly claimed the top spot at #2.
This year, it’s the only Canadian city to make the top 10 list and follows behind only Hong Kong and Sydney, Australia out of 406 markets worldwide.
The annual survey has been publishing data on world housing markets relative to household income since 2004. It notes that Vancouver has experienced “the greatest housing market deterioration” among the world’s markets, with its Median Multiple figure (a measure of housing affordability) more than doubling from 5.4 to 11.8 over that time span.
Demographia also reported that that Vancouver saw more people leave the city in 2016 than move into it.
READ MORE: B.C. foreign buyers’ tax kicks in
While Vancouver’s affordability crisis spirals on, housing prices have been going down slightly since the foreign buyer’s tax was implemented back in August.
The average price of a detached home has dropped five per cent in the last six months to $1.4 million.