Vancouver Housing Affordability

In Vancouver a typical household can’t afford a single-family house

Vancouver Mortgage

In Vancouver, a single-family house ownership costs take up 120.7% of a typical household’s pre-tax income. In other words, house ownership is out of reach for the vast majority of families in Vancouver.

Vancouver Housing Affordability
Type Price Affordability*
Single-family detached $1,545,200 120.7%
Condominium apartment $608,000 50.1%
Source: RBC. Q3 2017

*The RBC Housing Affordability Measures show the proportion of median pre-tax household income that would be required to service the cost of mortgage payments (principal and interest), property taxes, and utilities based on the median market price for single-family detached homes and condo apartments. The higher the measure, the more difficult it is to afford a home.

The affordability measures are based on a 25% down payment, a 25-year mortgage loan at a five-year fixed rate, and are estimated on a quarterly basis for 14 major urban markets in Canada and a national composite.

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