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Want to pay San Francisco housing prices on a Columbus, Ohio income?
While Seattle decision-makers in Boston lament a growing crisis of urban accessibility, a new price and income study of more than 100 major metropolitan areas of the United States and Canada shows Vancouver in a ignominious clbad. The median cost of a Vancouver home, adjusted for purchasing power parity, is US $ 672,000 – expensive but 15 to 26 percent lower than that of San Jose and San Francisco, both The most expensive real estate markets, according to Andy Yan, director of Simon Fraser University's city program, whose study explained the difference in power to purchase a dollar between regions and currencies.
What drives Vancouver to the top of inaccessibility rankings is a derisory salary. In the third largest city in Canada, the median household earns the equivalent of US $ 61,036 per year – online with Columbus and fewer families in Omaha, Nebraska, Kansas City, Missouri and even Lancaster, Pennsylvania, a rural community of 59,000
Low wages will make it difficult to reduce the affordability gap in Vancouver after a rise that has seen the price of a typical triple house since 2005. [19659005] Darryl Dyck / The Canadian Press
Pacific Coast Property The market is slowing down after policy makers intervened with a series of measures to moderate demand, including a tax on foreign buyers and foreign buyers. stricter mortgage rules, as well as higher interest rates. Sales hit a five-year low last month, as the number of homes on the market swelled to a three-year high.
But the numbers show how difficult it will be to close the affordability gap. "
" You need one of two things: either the prices of the price or the price. Real estate in Vancouver must be halved to reach a certain level of affordability, or you must double the income, said Mr. Yan. A pure and simple fix would be potentially devastating – real estate development is the province's largest industry and housing is a key driver of the local economy. The doubling of revenues is extremely ambitious – a scale similar to a 10-year goal that China has set.
"It's the herculean task of what Vancouver faces," Yan says.
Bloomberg.com [19659013]
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