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Vancouver’s median multiple of 12.6 is third worst among the 92 major metropolitan markets included in the survey, and incidentally, third worst in the history of the survey.

But as recently as 2004 its median multiple was just 5.3 — still severely unaffordable, but nowhere close to its 2017 figure.

Looking a little deeper, the amount that Vancouver deteriorated in those 13 years was more than five times the amount it had deteriorated in the 30 years preceding 2004.

The survey, released by the Frontier Centre for Public Policy, noted that B.C.’s foreign buyers’ tax appeared to have “cooled the hyper-inflation at least temporarily,” but it noted that housing prices were again on the rise — up 11 per cent over the past year. That is approximately four times the increase in average earnings, according to the survey.

Several cities near Vancouver were also ranked by the survey and found to be severely unaffordable, including Victoria (8.1), Nanaimo (7,2), Chilliwack (6.8) and Kelowna (6.6).

Toronto’s median multiple stood at 7.9 in the latest survey, up from 3.9 in 2004, while Montreal was listed at 4.5 — up from 3.1 in 2004. They are followed by Calgary (4.1), Ottawa-Gatineau (3.9) and Edmonton (3.7).

The most affordable Canadian market among those surveyed was Moncton, with a median multiple of 2.1. Fort McMurray was listed at 2.2.

mrobinson@postmedia.com