A lot of people seem to be either confused or in denial about just how unaffordable Metro Vancouver is for housing.
Some can be excused their ignorance. When I recently told two visiting academics from Philadelphia and Seattle that Vancouver has virtually the most unaffordable real estate in the developed world, they acted as if they’d experienced the same squeeze: They said Philadelphia and Seattle housing is super-expensive, too.
Wanting to be a genial host, I didn’t bother to tell them there is no comparison. An increasing number of economic institutions are producing housing unaffordability indexes for the world’s major and most desirable cities. And Vancouver has the unfortunate distinction of always being among the worst.
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