The World's Least Affordable Housing Market Is …

Vancouver housing ranked world's second-least affordable market

Hong Kong not only remains the least affordable housing market in the world, but it has now set a new record.

Things may get easier for homebuyers, however as property markets from Hong Kong to London join a global downturn.

A "severely unaffordable" median multiple is 5.1 or higher.

These Australian markets remained unaffordable despite the house price reductions and relative price stagnation felt a year ago.

"Despite what has been called the largest Sydney price reduction in 35 years, house prices relative to incomes are more than double the rate of the early 1980s". The Median Multiple is widely used for evaluating housing markets.

A separate ranking that also included towns and cities with a population under one million showed prices in the Sunshine Coast were actually less affordable than those in every Aussie capital apart from Sydney and Melbourne.

Check out the 10 most expensive cities to live in worldwide and be sure to check out Demographia's full survey for more insight into the affordability of cities in America and elsewhere.

It added that "in some markets, prices have stabilized, while in others actual declines have occurred". However, none of the price declines have been sufficient to materially improve housing affordability. "These developments could, in the long run, simply be further indication of the price volatility exhibited associated with stronger land use regulation". Hong Kong was the only Chinese city in the survey. A median multiple of 5.1, which means a home costs more than five times the average annual household income, is considered "severely unaffordable".

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The survey concluded that there are 9 affordable major housing markets, all in the United States.

A leading economist is predicting a drop in the housing market - and soon. These include Pittsburgh and Rochester, which topped the list, as well as Oklahoma, Buffalo, Cincinnati, Cleveland, St. Louis, Indianapolis, and Detroit.

Hong Kong ranked the highest overall, with a median multiple of 20.9.

By comparison, the multiple for Vancouver, which ranked second in the latest survey, was 12.6 years, and that for third-place Sydney was as 11.7 years.

House prices are falling rapidly in Sydney, Melbourne and Perth, although there are different factors at play across the ditch. Vancouver came in second, while Sydney, Melbourne and San Jose came in third, fourth and fifth, respectively. San Francisco (8.8), Honolulu (8.6), as well as London (Greater London Authority) and Toronto (both 8.3) were also among the 10 least affordable major markets.

If you are concerned about the Singapore housing prices and are ensure of funds availability for purchase, our mortgage consultants at iCompareLoan can set you up on a path that can get you a home loan in a quick and seamless manner.

The Demographia commentary acknowledges that the New Zealand and Singaporean governments are the only two of those surveyed that are actively prioritising affordable housing, although Pavletich told Radio New Zealand the government's KiwiBuild target for affordable homes in Auckland at $650,000 was "an insult" to people's intelligence. The number of home sales in Vancouver dropped 32pc in 2018 from the previous year, following a series of new taxes, stricter mortgage rules and rising interest rates.

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