kitaez19 (kitaez19) wrote,

Vancouver is number three!!! (should we be happy?)

These are the 10 most expensive cities to live in

Iman Sheikh,Yahoo Finance Canada Fri, Mar 10 5:02 PM EST






When you think of unaffordable housing, the cities that spring to mind aren’t necessarily the most expensive ones in reality. In the 13th Annual Demographia International Housing Affordability Survey: 2017, some surprising culprits pop up from the 406 metropolitan housing markets studied in the third quarter of 2016.

The rankings are calculated using the mean multiple method; house price divided by the median household income. Here are the top 10 most “severely unaffordable” housing markets.

The area of Bournemouth & Dorset topped London in severe unaffordability. It has a median multiple of 8.9 and has the world’s second worst housing bubble risk according to The UBS Global Real Estate Bubble Index.
(bazzadarambler/Creative Commons)

One of three California cities on the list, SF had a median multiple of 9.2. A recent WalletHub study found that found that average home prices are about 14 times greater than annual incomes in San Francisco.
(Jeff Gunn/Creative Commons)

LA has a median multiple of 9.3 and economists at predict that in 2017, Los Angeles-area home prices will increase by 6.9 per cent and the number of home sales will increase by 6 per cent.
(Kai Lehmann/Creative Commons)

Honolulu came in with a median multiple of 9.4. The median price for an existing single-family home was $747,500 in August 2016 — a seven per cent increase from 2015 — according to the Honolulu Board of Realtors.
(Edmund Garman/Creative Commons)

One of two Australian cities on the list, Melbourne has a median multiple of 9.5.
(Bernard Spragg/Creative Commons)

California again? San Jose had a median multiple of 9.6 and a median home value of $852,200, according to Zillow.
(Don DeBold/Creative Commons)

Auckland had a median multiple of 10. Ten years ago the average house price was NZ$500,000 (£277,000) — in September 2016, it peaked at NZ$1M.
(Kevin Dooley/Creative Commons)

Canada’s Vancouver came in at a median multiple of 11.8.  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.
(Magnus Larsson/Creative Commons)

With a median multiple of 12.2, Australia’s largest city is the second least affordable place to find housing. Median house prices in January 2017 reached AUD$1.077 million (CAD$1,094,000).
(Corey Leopold/Creative Commons)

Hong Kong wins the least affordable housing market award for the seventh consecutive year with a median multiple of 18.1 — slightly down from 19 last year.  Apartments at the South Horizon complex in Aberdeen rang in at HK$16,497 (CAD$2,860) per square foot in November 2016.
(Colin Tsoi/Creative Commons)

Tags: canada

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