The average detached house in Vancouver could cost $2.1 million and require more than the median household income by 2030 if prices continue to rise at the current level. That’s the finding of a report by Vancity called Downsizing the Canadian Dream: Homeownership Realities for Millennials and Beyond. It says that only a handful of suburbs are classed as “affordable,” which is determined by not exceeding 32 per cent of a homeowner’s gross monthly income. Recommendations made in the report include re-zoning to allow greater density and incentives for developers to build affordable housing. The city’s chief housing officer said they are already working on similar ideas. Read the full story.
Vancouver houses to cost every cent of your income
- March 30, 2015