Article content

Unsurprisingly, a new study of the 50 most populous cities in North America has found that Vancouver has the most unaffordable housing market.

The study, released by Point2 Homes on Monday, describes Vancouver’s “insane affordability gap” and points out that its unaffordability exceeds that of Manhattan and San Francisco.

We apologize, but this video has failed to load.

tap here to see other videos from our team. Try refreshing your browser, or Report calls Vancouver most unaffordable real estate market in North America Back to video

The study relies on a measurement called the “median multiple” for its conclusions, which compares median house prices to median household incomes to come up with an affordability ratio. A median multiple of 5.1, which means a home costs about five times the average annual household income, or more is considered “severely unaffordable.”

The study uses American dollars in its analysis, but the affordability ratio remains the same if the amounts are converted to Canadian dollars or Mexican pesos.

Vancouver’s median family income is $63,944, and the median home sale price is just over $1.1 million. That produces a median multiple of about 17.3.