82.4% of Vancouver household net incomes go towards single-family homes

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Vancouver real estate house home / Shutterstock

Maintaining real estate in Vancouver just got more expensive, according to the latest RBC Housing Trend and Affordability report.

Its measures are based on the proportion of median pre-tax household income that would be needed to maintain homeownership costs such as mortgage payments, property taxes and utilities. This is money that could otherwise be spent on dining out, entertainment, shopping and vacations.

The report for the first quarter of 2014 indicates an increase of 0.9 per cent to 82.4 per cent for bungalows and 0.6 per cent to 86.5 per cent for two-storey homes. In contrast, condos declined for the third consecutive quarter by 1 per cent to 39.9 per cent.

RBC says the Metro Vancouver real estate market has visibly improved since the fall of 2014 when sales reversed losses that occurred in late 2012 to early 2013. Rising trends in prices, however, is a more convincing sign that the market was back on track and have helped re-install market confidence.

Across British Columbia, the affordability index increased by 0.9 per cent to 68.4 per cent for bungalows and 1.2 per cent to 74.2 per cent for two-storey homes, but the affordability of condos remained unchanged at 33.6 per cent.

Comparing with Canada’s major cities

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%

 

Featured Image: Vancouver real estate via Shutterstock

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