Affordable Housing!
Affordable Housing?
How does Vancouver rate?
According to a recent study, Vancouver is the move expensive city in Canada and 15th in the world for housing affordability. Vancouver's affordability index is 6.6, measured by comparing house prices to income. Anything above 5.1 is "severely unaffordable." This multiple should not be greater than 3!
Who did this housing affordability study?
Fiona Anderson, a newspaper writer with The Vancouver Sun, reported on a 2nd annual survey by Hugh Pavletich and Wendell Cox, "The Demographic International Housing Affordability Survey," measured median house prices as a ratio of median income, to find a housing affordability index. "...it doesn't matter what currencies we're talking about, or even the house prices and the household incomes. The key factor is the multiple of household income it takes to buy a home."