Jan 29/08: International Housing Affordability Survey Shows BC has 3 of the Most Unaffordable Housing Markets in the World ...

A new housing survey contains some bad news for British Columbia residents who dream of owning their own home in the near future.

The International Housing Affordability Survey, which compared 227 housing markets around the world, says B.C. has three of the most unaffordable housing markets in the world.

They include Kelowna, Vancouver, and Victoria, which retain the dubious distinction of ranking in the top 25 of the globe's most severely unaffordable markets.

That ranking is based on a comparison between the household incomes and the median house prices in the markets that are included in the survey.

In Kelowna, for example, where the median household income is $52,200, the median house price is $446,300. Kelowna ranked 13th in the survey.

In Vancouver, the median income of $59,000 compares to a median house price of $503,400. Vancouver ranked 15th.

The report warns that the discrepancy between household incomes and housing prices will have serious implications for living standards in some regions, which the survey says may not be sustainable.

In an interview with CBC News, Kelowna resident Michelle Sedmak described the high cost of housing as a "slap in the face.''

"It's crazy," she said, adding that with a total income of just under $50,000 from each of their full-time jobs, she and her husband were unable to qualify for a mortgage.

The couple were told by their bank they would need two full-time jobs each, at their current salaries, to qualify for a mortgage in Kelowna, said Sedmak.

High costs will be especially tough on ethnic minority householders, who tend to have lower average incomes, the report said. The report attributes the difference between incomes and housing prices to land scarcity.