The city's measure for affordability hit a nation-wide record: RBC
In the last months of 2022, Vancouver's unaffordability when buying a home was "off the charts" and the highest across Canada, according to a recent RBC housing trends and affordability report.
The measure is based on the percentage of income a typical household, with a median income, would spend on home ownership costs, Hogue said. Across Canada, the measure increased for the ninth-straight quarter to 62.8 per cent, according to the report. "A lot of it is the construction of the index itself. Nobody is spending, obviously, 98 per cent of their income on housing," Ogmundson said. "If you have a median income in Vancouver, it's very difficult to afford homes here, which is what it's telling you. The reason why it's so high right now is because rates are at their highest level in 20 years, and prices, especially, have barely come down from where they peaked during the pandemic in February 2022.
"When you calculate what an average payment would be based on current rates and current prices, incomes haven't grown at the same pace, then you get an affordability measure that looks like this," Ogmundson said.
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