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Vancouver housing is the second least-affordable in the world after Hong Kong, according to the 15th annual Demographia International Housing Affordability Survey.

This year Vancouver bumped Sydney to be in the No. 2 spot after three years at No. 3.

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Despite some correction in the housing market, mainly with the higher-end market, the report says Vancouver’s affordability continues to deteriorate.

After Vancouver on the list for least-affordable housing are Sydney, Melbourne, San Jose and Los Angeles.

Canadian cities with the most-unaffordable housing after Vancouver, according to the survey, are Toronto, Montreal and Calgary.

The survey rates middle-income housing affordability using a measure called the median multiple. It captures the median house price divided by the median household income in a given market. A median multiple of 5.1, which means a home costs more than five times the average annual household income, is considered “severely unaffordable.”