Vancouver Housing Market is the Second Most Unaffordable in the World after Hong Kong

www.theprovince.com:business:Vancouver+housing+market+second+most+unaffordable+world+after:10744657:story.html#__federated=1

“…Vancouver has been ranked among the most unaffordable real estate markets in a recent international report, leaving economists concerned about the potential impacts of rising mortgage rates on the city’s homeowners.… Only Hong Kong was rated less affordable than Vancouver in the annual Demographia International Housing Affordability Survey, which tracks 378 metropolitan markets in Canada, the United States, Australia, China, Ireland, Japan, New Zealand, Singapore and the United Kingdom…”

Check out the article at www.thecanadianpress.com/…

One Response to Vancouver Housing Market is the Second Most Unaffordable in the World after Hong Kong

  1. Kerry Brown says:

    The city became became unaffordable because of the situation in Hong Kong. There was a real estate rush initiated by the people fleeing Hong Kong when it was given back to China that drove the prices up sky high due to lack of availability. Both countries being in the Common Wealth made immigration easy if you had the money to meet the requirements for it. Given that there was a defined time frame to get out of Hong Kong and the prices already being much higher in Hong Kong they were willing to pay far more than the previous market values. It was not unusual for a family to purchase a house, send the children and a nanny over first. The parents came over just at the end of the open window opportunity. There is now an issue of many boarded up expensive homes that were purchased during the transition period. There have been a number of recent news paper articles about those unmaintained eye sores in high end neighborhoods.

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