Hong Kong and Vancouver are two of the most unaffordable cities to buy property, according to the Demographia International Housing Affordability Survey published Tuesday.
In the 2014 survey, Hong Kong was branded the most unaffordable, followed by Vancouver and San Francisco. Australia's Sydney and Melbourne followed in the fourth and fifth positions.
The Demographia survey looked at 360 cities in nine countries: Australia, Canada, Hong Kong, Ireland, Japan, New Zealand, Singapore, the U.K. and the U.S. Using a median multiple – a World Bank and United Nations evaluation method – it determined whether they fell into one of four categories: severely unaffordable, seriously unaffordable, moderately unaffordable and affordable.
Hong Kong's average home price rose to 14.9 times gross annual median household income from 13.5 times in 2013, the highest ever level recorded by the survey in its ten-year history.