Underscoring just how tight the Vancouver housing market is, the British Columbia city was ranked the second least affordable city in North America.
According to real estate site Zoocasa, Vancouver was second among 30 major US and five Canadian cities. San Francisco was ranked least affordable overall and Los Angeles was in third place. And on the other end of the spectrum, Calgary was revealed to be the most affordable housing market in North America.
Read more: RBC: Housing affordability has improved for the first time in 3 years
The survey examined the median home prices for December 2018 calculated the minimum income required to purchase homes in each city. That amount was then compared to the actual median income earned, to determine whether the market presented buyers with an income surplus or an income gap, which indicates incomes have not kept pace with real estate price growth.
The survey found that Vancouver had an income gap of $99,517, compared to a median income of $65,327. By comparison, Calgary had an income surplus of $40,297, and a median household income of $97,334. And another Canadian city, Ottawa, ranked sixth in affordability, with an income surplus of $27,714 based on the median income of $85,981.
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