Another survey has ranked Vancouver last among major North American cities in terms of housing affordability, with an examination of how the situation has worsened.
According to the data, Vancouver outperforms 29 other major cities in North America in terms of housing affordability in the second quarter of 2021, according to Oxford Economics’ latest house affordability study.
The housing affordability indices (HAI) are used to calculate the analyses’ ranking, with Vancouver’s HAI of 1.71 being the highest among all cities, signifying a 3.4 percent quarter-over-quarter increase and a 5% year-over-year increase. The HAI is based on the relationship between home price inflation and income.
Furthermore, between the second and fourth quarters of 2021 and 2022, the HAI for Vancouver is expected to climb by 6%.
Cities like Seattle, Montreal, and New York City ranked in the middle of the scale between the most unaffordable and most inexpensive extremes, whereas Toronto, Hamilton, and Ottawa rated third, fifth, and ninth, respectively, for housing less affordable.
Quebec City, Edmonton, Winnipeg, and Calgary, as well as four other Canadian cities, reached the top ten list of most affordable cities.
Home prices were 35 percent over median income households’ borrowing capacity across Canada, with affordability decreasing in eight of the nine cities over the quarter.
Housing in US cities is more cheap than in Canada, with affordability in Canada predicted to deteriorate faster than in the US due to higher Canadian mortgage rates.
Q2 2021: Top 10 Most Expensive Housing Markets:
Q2 2021: Top 10 Most Affordably Priced Housing Markets: