We love Vancouver for so many reasons. It’s like an urban playground — with great art, culture, shopping and eats — plunked in the middle of an even bigger outdoor playground — with snowboarding, mountain biking and boating. But our dreams of moving to this coastal city are dwindling by the day.
According to the 2017 Demographia International Housing Affordability Survey, an annual report, Vancouver is the third most unaffordable place to live in the world. We’re talking more unaffordable than international hot spots like Los Angeles, New York and London.
The survey looked at the housing market in over 400 urban areas throughout nine countries, which include Australia, Canada, China, Ireland, Japan, New Zealand, Singapore, the U.K. and the U.S.
For Vancouver, this third-place ranking is actually an improvement from 2016, when it was listed as the second most unaffordable housing market in the world. This year, however, Sydney, Australia took over the number two spot, and Hong Kong came in at number one.
And in case you’re wondering where else not to move to, here’s the full list of the most unaffordable housing markets in the world for 2017:
- Hong Kong
- San Jose
- Los Angeles
- San Francisco
- Bournemouth & Dorset
“We should not accept extreme price levels in our housing markets. High house prices are not a sign of a city’s success but a sign of failure to deliver the housing that its citizens need,” Dr Colin Hartwich, one of the report’s authors, wrote. “We need to tackle housing affordability urgently because the effects of unaffordable housing on society are becoming more visible by the day.”
If all of this unaffordable property talk has got you down, consider a move. You like schnitzel and beer, don’t you? “Germany is probably the country with the most boring housing market in the world,” said Hartwich. “It is a place where nothing ever happens (at least as far as housing is concerned).” In other words, the housing market there is stable, so you’ll get more bang for your buck.
If you’re keen to stay on Canadian soil, Ottawa-Gatineau came in as the most wallet-friendly region in the country.
But don’t let this stop you from at least visiting Vancouver — it’s too beautiful a place to miss out on.