Vancouver's housing market maintained its position as the second most expensive in the world, according to the latest edition of the Annual Demographia International Housing Affordability Survey.
Vancouver came in second to Hong Kong, which retained its position as the least affordable housing market across the globe.
"Vancouver had already developed severely unaffordable housing, which has been associated with its urban containment policy, adopted more than four decades ago. Vancouver has experienced significant housing affordability deterioration among major markets," the study said.
Toronto also cracked the list, placing sixth. It was tagged by the study as "severely unaffordable." The worsening housing affordability in Toronto could have stemmed from the adoption of the urban containment policy in the mid-2000s, according to the study.
The study said Toronto has the second-worst housing bubble risk in the world, worse than Hong Kong and Vancouver.
"The province of Ontario imposed a foreign buyers tax in 2017. Since that time, Toronto's house prices have become less volatile, especially in more expensive housing. However, housing affordability in Toronto has continued to deteriorate at the middle of the market," the study said.
Below is the list of the 10 least affordable metropolitan housing markets in the world according to the Demographia study:
Least Affordable Housing Market List:
- Hong Kong (China)
- Vancouver, BC (Canada)
- Sydney, NSW (Australia)
- Melbourne, VIC (Australia)
- Los Angeles, CA (United States)
- Toronto, ON (Canada)
- Auckland (New Zealand)
- San Jose, CA (United States)
- San Francisco, CA (United States)
- London (United Kingdom)
Interestingly, Canada also has the most affordable market in the world, with Fort MacMurray in Alberta at the top of the list. Two more Canadian metropolitan markets cracked the top 10: Fredericton and Saint John, both in New Brunswick.
Most Affordable Housing Market List:
- Fort MacMurray, AB (Canada)
- 2 Peoria, IL (United States)
- Davenport, IA-IL (United States)
- Rockford, IL (United States)
- Utica-Rome, NY (United States)
- Akron, OH (United States)
- Fredericton, NB (Canada)
- McAllen, TX (United States)
- Saint John, NB (Canada)\
- Syracuse, NY (United States)