Dominic Darmanin

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Silver Lining In Vancouver's Condo Market – Well, Sort Of...

Compared to many other major cities in the world the Vancouver downtown condo market is still relatively affordable. According to a study by the National Bank, the price-to-income ratio of condos in Vancouver compared to 17 other major cities world wide ranks us 14th in terms of affordability.

National Bank studied the average prices of 90-square-metre (970-square-foot) condos in 18 large markets worldwide, as well as the average family income in these cities, to demonstrate relative affordability. The Bank compared Vancouver, Toronto and Montreal's condo affordability based on how many times the average local income a particular city's condo costs. Here's how we ranked:

Honk Kong

34.7

Beijing

34.7

London

33.6

Tokyo

25.9

Singapore

23

Rome

20.8

New York

20

Paris

17.9

Seoul

17.3

Vienna

15.7

Stockholm

14.7

San Francisco

13.5

Sydney

11.5

Vancouver

11.3

Mexico City

10.2

Toronto

9.4

Melbourne

7.7

Montreal

6.6

 

So cheers up Vancouverites, Torontonians and Montrealers, just make more money and your affordability ratio will improve correspondingly!

Source: BuzzBuzzNews Canada. July 22, 2016. “Toronto and Vancouver condos too pricey? Data shows they're still way cheaper than in many other global cities.”

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