Frontier Centre for Public Policy has released the 12th Annual Demographia International Housing Affordability Survey, which is sponsored in Canada by the Frontier Centre for Public Policy. As of the 3rd quarter of 2015, Vancouver’s price-to-income ratio (house price divided by household income) was 10.8, for a severely unaffordable rating. Only Hong Kong and Sydney had more unaffordable housing. The Demographia Survey rates housing affordability in 368 metropolitan markets in 9 nations on a scale from “affordable to severely unaffordable”. Results found 9 Canadian markets among the most affordable. Findings also included: Vancouver, 3rd “Least Affordable", Toronto was designated as “Severely Unaffordable."