Vancouver Housing Affordability
In Vancouver, a single-family house ownership costs take up 111.8% 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. “The seemingly unstoppable ascent of Vancouver home prices took the area’s affordability measures deeper into uncharted territory in 2016.” (RBC).
| Vancouver Housing Affordability | ||
| Type | Price | Affordability* |
| Single-family detached | $1,431,100 | 111.8% |
| Condominium apartment | $532,000 | 44.4% |
| Source: RBC. Q1 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.
