Vancouver has the second most unaffordable housing market in the world after Hong Kong, according to a new study of major property markets.
The annual Demographia International Housing Affordability Survey ranks real estate markets in Canada, the United States, Australia, China, Ireland, Japan, New Zealand, Singapore and the United Kingdom.
Vancouver’s affordability ranking in 2015 is the worst it has ever been in the survey’s 11-year history.
Although Vancouver was the only Canadian city that made it to the top 10, housing markets in Toronto, Victoria, Kelowna, B.C., and the Fraser Valley in B.C. were also ranked as unaffordable.
Meanwhile, Moncton, N.B. was ranked Canada’s most affordable market.
Saint John, N.B., Fredericton, N.B., Windsor, Ont. and Charlottetown were also ranked as affordable places to buy homes.