Affordability continues to weaken in Vancouver

A new report shows that housing affordability in Vancouver has continued to become more difficult.

The Desjardins Affordability Index shows that the average selling price in the metro is almost $850,000, which is double the average price ($424,000) in the other cities included in the study, and 10 times the average income in the area.

The report includes 18 areas but does not feature Atlantic Canada because Desjardins does not operate in the region.

The second least affordable city is Toronto, but the ratio of average income ($92,000) to home price ($560,000) is far lower.

Calgary is the most affordable with an average household income of $120,000 and houses averaging $445,000.

The Desjardins report shows that nationally the affordability of housing is roughly in line with historic averages but has dipped slightly so far this year.
 

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

Investment Hot Spots:
Lambton Shores, Mill River East, Cranford, Ladywood, Cascapédia--Saint-Jules

COMMENTS

Get help choosing the best mortgage rate

Just fill in a few details, and we'll arrange for a Mortgage adviser to help you find the best mortgage for your needs

  • How soon do you want a mortgage?
  • Name
  • Where do you live?
  • Phone number
  • E-mail address

Poll

Have your investment plans changed for 2017?