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