The biggest factor contributing to unaffordable housing (rent and buy) according to investment bank, UBS's report yesterday are the rock bottom interest rates imposed by the world's major reserve banks (Fed, BoE, BoJ, ECB, BoC, SNB). This policy has transformed housing's tradition role as a place to raise family to that of another speculative trading asset.

To be clear housing unaffortability as stated in the UBS report is not confined to Vancouver, Toronto only. Amsterdam, Hong Kong, Munich, Stockholm, Sydney are all on top of their list.