When even a bank’s own spin-laden report calls Vancouver-area housing affordability, “extremely poor and rapidly eroding,” there must be something to it.
Another good quote from the report:
“The average family buying a house in [Vancouver] would need to dedicate 92.5 per cent of its [pre-tax] income to own a bungalow.”
The comments on the article make the best points, such as:
- Any interest rate increase from our current historical lows will make a bad situation in the Vancouver-area really dire
- RBC report has no real numbers (i.e. average income used) and doesn’t specify if one or two incomes are used
- The report saying “a weakening economy may help home buyers” is laughable if buyers don’t have jobs
- While the home ownership rate is at its peak today (more than 20, 30, 40 years ago), equity means ownership - not simply whose name is on title.
- From one commenter, “I’m stunned how many young couples think that the only house they should be buying is the 3,500 square foot, triple car garage…”
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