For the 9th straight year, Hong Kong has proven to be a very expensive place to live in, in terms of property market prices. Business Times SG reported that urban planning consultancy Demographia listed the island state as an area where the prices have gone way beyond the reach of most of its residents.

Meanwhile, according to Yahoo News, in second place was Vancouver's housing market, with prices running away fast, but still a bit lower than Vancouver. Rounding out the list are Australian cities Sydney and Melbourne; US cities San Jose, Los Angeles, San Francisco, and Honolulu; London; Toronto; and New Zealand's Auckland.

That being said, there's still hope for these markets with runaway prices. The beginning of 2019 has proven to be a year for entry-level property buyers. That means that even markets like Hong Kong and London will eventually open up to buyers; however, Hong Kong may still end up at the top of the list, since its homes have remained expensive even during past price bubbles dating back to 2008.

Alain Bertaud, an author connected with the report, had said that there is a solution to the problem. However, it does not involve creating 'regulatory gimmicks' or 'massive subsidies' to be shouldered by taxpayers and the few elites. Floor space, land, and maximized use of any limited available property will have to be the key, although it's easier said than done.

Cities like the top two would rather want to belong to the list of 'affordable' markets to live in. All of them are in the US, with Oklahoma City, Pittsburgh, and Rochester leading the way. The next best places are from Canada, with a rating of 'moderately affordable.' Of these cities, Edmonton, Calgary, and Ottawa have emerged as front-runners.

Among the factors that affected the prices are policies such as B.C.'s 'foreign buyers' tax.' Canada has done better to create favorable conditions for buyers with four of the nine 'most affordable' markets belonging to them. Cape Breton and Fort McMurray are first and second, respectively, in the list.

Other territories have fared better in the list of territories where the price bubbles have improved vastly. London neighborhoods have grown more affordable in the time that passed. Sydney homeowners, meanwhile, have the lowers prices in the worst price slump the city has seen since the 80s.

The study covered more than 300 metropolitan markets, across eight countries that included Australia, Canada, the UK, and the US.