Andreas Nystrom

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Real Estate ownership in Vancouver just got more expensive as it went up 0.9% and 0.6% for bungalows and detached homes. What this means is that the medan percent of net income for home owners in Vancouver are spending upwards of 86.5% on owning their homes.

 

This is measured on the percentage of median net taxable income. In other words, this is money that could be spent elsewhere, pleasure, entertainment, dining, vacations, and more.

 

In 2014 there was an increase of 0.6% to 82.4% for bungalows and an increase of 0.9% to 86.5% for detached two-storey homes and a decrease of 1% for condos to 39.9%. This is all according to the latest RBC Housing Trends and Addordability.

 

Metro Vancouver's real estate market has improved dramatically since the collapse in 2008/9 and the slow market in 2012/13 but the increased sales and growth in 2014 has returned investors and lenders back to this relatively stable market.

 

Never-the-less Vancouver remains the most unaffordable city in Canada, compared to the rest: (based on median net household income)

Vancouver

  • Bungalow: 82.4%
  • Two-storey home: 86.5%
  • Condo: 39.9%

Toronto

  • Bungalow: 56.1%
  • Two-storey home: 65.3%
  • Condo: 34.2%

Montreal

  • Bungalow: 38.9%
  • Two-storey home: 50.9%
  • Condo: 30.5%

Ottawa

  • Bungalow: 36.4%
  • Two-storey home: 38.1%
  • Condo: 24.7%

Calgary

  • Bungalow: 34.5%
  • Two-storey home: 35.0%
  • Condo: 20.4%

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