Victoria's tough housing market has been given yet another dubious title.

A new study is calling the B.C. capital the second-most unaffordable housing market in Canada, behind only Vancouver.

The annual Demographia International Housing Affordability Survey, released by the Frontier Centre for Public Policy, compares median home prices to household incomes and ranks Victoria "severely unaffordable," behind Vancouver and slightly ahead of Toronto.

The report named Moncton Canada's most affordable city.

"There's been such radical changes in prices in the last two years that frankly, I'm not surprised," said Victoria realtor Charlie DePape. "I think it's an unfortunate truth that things that are desirable often cost more. It's a great place but now, especially now, you have to pay."

Outside of Canada, the study ranked Victoria the 20th least affordable market out of nine countries including Australia, China, the U.S. and the U.K.

The full study can be read below:

14th Annual Demographia International Housing Affordability Survey: 2018 by CTV Vancouver Island on Scribd