Severely unaffordable and grossly over-valued

That's the description of Vancouver's housing market, according to a recent worldwide survey.  Vancouver now ranks second behind only Hong Kong in the entire world.  That's both scary and sad for Canadians who'd like to live in that beautiful city. 

How do you spell "disenfranchised"?  They can't. 

Ironically, it's the Hong Kong Chinese who have amped up prices in their quest to hedge their bets and ensure a safe harbour in case China clamps down on the Hong Kong lifestyle.  Heard a radio emission out of Vancouver a few months ago which outlined how the market became so out-of-reach in Vancouver.  Over the years, wealthy Chinese nationals have hired agents in Vancouver to scout properties -- on the market or not -- and offer the owners considerably more than either they are asking, or the property is worth.  The vendors accept the offer and then the foreign owners often move their kids into the properties. 

So, up went the market until it was beyond the reach of the average -- or even well-to-do -- Canadian.  "In affordable and normal housing markets, house prices do not exceed three times annual household incomes," the report reads. "If they do exceed this standard, it indicates that there are political and regulatory impediments to the supply of new housing that need to be dealt with.

"Vancouver's score was high enough to rank it second on the list worldwide; Sydney, Australia, was third," the report noted.  Happily, but probably too late, the Canadian government is clamping down on bogus immigrants who buy housing through off-shore agents, but who haven't set foot in Canada and don't intend to unless conditions in their own countries force them. 

Footnote:  Personally, I have benefited from this situation because daughter and son-in-law left Vancouver, allowing us to move to Calgary and be hands-on grandparents.