B.C. Housing “Severely Unaffordable”

The 4th annual International Housing Affordability Survey has measured housing affordability in cities all over the world. Vancouver has a median housing price to median income multiple of 8.4 and Kelowna has a multiple of 8.5. 5.1 & Over is deemed “severely unaffordable. For housing to be considered affordable, the multiple must be 3.0 or lower. Assuming salaries don’t change much, that would mean the median house price in Vancouver would have to be $179,700 to be considered “affordable.” I’m not sure if that will happen but we’re going to have to see a decline eventually as the current levels are unsustainable.