12.7 in Vancouver as of Dec ‘24
House prices are often hard to figure out. Is the market high? It is low? What is normal?
I'm fond of the ratio of average house price to median household yearly income. This gives a number that you can compare across countries and over time.
For you Americans: https://www.longtermtrends.net/home-price-median-annual-income-ratio/
The lowest I've seen in my lifetime is 3.6 in the USA in 1973.
The highest I've seen in my lifetime is 8.9 in NZ in 2022.
NZ has fallen off of that back down to about 7. Which is now equal to the highest the US has ever seen.
The 2005-2007 subprime meltdown, where up to 25% of subprime loans became bad debt, the peak was at 7.
The US is back up to about 7.
Discussion
YIkes!