Hello Rich Mole,

You can read online the report in question.

To quote from it: "There are 29 severely unaffordable major housing markets, including (all in) Australia (5), and in New Zealand (1) and China (1). There are 13 severely unaffordable major markets in the United States, out of 54. Seven of the United Kingdom’s 21 major markets are severely unaffordable and two of Canada’s six."

Those two in Canada are Vancouver and Toronto. In the smaller cities in Canada, you can look at the content: Only Victoria is anywhere close to the prices in Vancouver and Toronto.

Richmond and South Surrey are near Vancouver.

Sorry, Rich Mole, in a country with a small population, like Canada and Australia, the only way house prices in a city can skyrocket, to dozens of times the average annual income, is via a massive external source of money.

That is why the ONLY time in Canada's history this has happened has been in recent decades, when Canada opened up to that flood for the first time.