Quote:
Originally Posted by Changing City
Comparing the housing crisis (or at least, the prices and incomes) in Sydney to Vancouver is a valid comparison. Your income data is way off. The link you give to the Australian census shows the median weekly household income was $2,077. That's $108,000 $Aus per year, which in 2021 conversion rates was about $100,000 CAD (and more like $94,000 today). The Greater Vancouver median household wage in 2021 was $90,000, so only about 10% lower than Sydney.
The average mortgage payment in Greater Vancouver in 2021 was $2,407, and the median mortgage repayment in 2021 in Greater Sydney was $2,427 $Aus ($2,184 CAD). So also only a modest difference. |
Is $20 a month really a massive difference when they make 10% more? Not sure what the change in conversion has to do with it. Australians are buying their houses with Australian dollars. Doesn’t matter though. Either way, Sydneysiders are putting less of their incomes towards housing than Vancouverites.
Fairly certain I said our cities are arguably more expensive anyways, so I’m not sure where this response is coming from. Your numbers have even proven my point. I’m repeating myself but you seemed to have missed it the first time: 10 years ago Australia was substantially more expensive. They’ve continued to get more expensive, but we’ve outpaced them and arguably overtaken them in the list of the worlds most unaffordable cities. That trend doesn’t seem to be abating so it doesn’t bode well for our future.
And when it comes to value, Australia actually seems like it may be worth the premium. Sydney is one of the great cities of the New World.