Vancouver ranks least affordable housing market in the world
A new global housing report ranks Vancouver 92nd out of 96 major markets, with a median multiple of 10.8—more unaffordable than all but four cities worldwide.
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Vancouver has been ranked the least affordable housing market in Canada and among the least affordable in the world, according to the 2026 Demographia International Housing Affordability report published last week.
The annual report assesses housing affordability in 96 major markets across eight countries—Canada, Australia, China, Ireland, New Zealand, Singapore, the United Kingdom, and the United States. It covers the third quarter of 2025.
Housing markets are rated based on the median multiple—median house price divided by median household income. A median multiple of three or less is considered affordable; 3.1 to four is moderately unaffordable; 4.1 to five is seriously unaffordable; 5.1 to 8.9 is severely unaffordable; and nine or higher is impossibly unaffordable.
Vancouver ranked 92nd globally with an impossibly unaffordable median multiple of 10.8. Only Hong Kong, Sydney, San Jose, and Adelaide are less affordable. "Vancouver has been among the five least affordable major markets in each of the last 18 years," the report notes. The report also warns that a recent B.C. Supreme Court decision could reduce new housing supply and sales in Vancouver, likely "worsening housing affordability in this already exceedingly expensive metropolitan area."
Toronto is the second-least affordable in Canada, ranking 81st globally with a severely unaffordable median multiple of 7.6. Montreal is also severely unaffordable at 5.8. Ottawa and Calgary are seriously unaffordable at 5.0 and 4.3 respectively.
Edmonton stands out as one of Canada's most affordable markets, tied for third-best affordability globally with a median multiple of 3.6—"the highest-ranking housing affordability ever achieved by a major market outside the United States in the history of Demographia International Housing Affordability," according to the report.