Victoria is Canada’s second least affordable housing market, a study that looked at 378 metropolitan cities across the globe has found.
The 11th annual Demographia International Housing Affordability Survey ranked Victoria behind Vancouver, which was also said to be the second most unaffordable housing market in the world.
Victoria’s rating was 6.7. The city’s median house price is $445,100 and the median income is $66,600.
Meanwhile, Vancouver’s multiple median rating was 10.6.
Last year, Canada was tagged as “seriously unaffordable” at a national rating of 4.4, with B.C. the 34th least affordable market in the world.
The latest survey included nine countries which were evaluated by comparing house prices to income levels.
Of the top five least affordable cities, Toronto was the only area outside of B.C. The city rated the third least affordable market in Canada, behind Victoria. Its rating is a 6.5.
Moreover, Toronto’s housing values are slightly higher than Victoria ($482,900 on average), the median income is also higher ($73,900).
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