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Is Victoria Affordable?

8th Annual Demographia International Housing Affordability Survey

According to the report "housing in Canada is moderately unaffordable". They writers suggest that affordability is measured by icome versus house value. In order for houses to be affordable they cannot exceed 3 times the average annual income. It is clear that in Victoria this is not the case.

Although certain markets in Canada were seen as severely unaffordable, the survey ranks Canada as  third, behind the United States and Ireland for affordability.
"Among major markets, four were moderately unaffordable and two were severely unaffordable. Among all markets, 9 were affordable, 17 were moderately unaffordable, 3 were seriously unaffordable and 6 were severely unaffordable. The four most unaffordable metropolitan markets were in British Columbia."