Immigrating to Vancouver? Beware of housing costs
Vancouver is now the second least-affordable place to live behind only Hong Kong amongst the world’s English speaking cities.
Vancouver has even surpassed Sydney, Australia to take the number two spot.
What does “least affordable” mean?
The study looked at 325 cities across the globe, and compared median incomes to median house prices.
They found that Vancouver’s median home price of $678,000 was over 10 times the median household income of $63,800. A ratio of 3 or under is considered affordable.
However, if you’re dreaming of immigrating to Vancouver for the mild climate, laid-back atmosphere, and its ocean and sand beaches, don’t be dismayed.
This study only covers the city of Vancouver. There are a number of cities close to Vancouver with much lower housing costs and transit (busses or trains) into Vancouver.
For example, Surrey and Langley offer much more affordable housing than Vancouver, and they are only between thirty and sixty minutes from Vancouver.
Other areas include Coquitlam, Port Coquitlam, White Rock, Delta and others that share the climate and atmosphere of Vancouver, but not the sky high prices.
Also note that British Columbia is a large province, and there are very affordable cities in the island, interior and northern regions. You won’t get the mild climate of Vancouver, but you will still get the awesome scenery and outdoor experiences of British Columbia.
Click here for the full story from Bloomberg.