“The housing situation in the Lower Mainland is out of control and has been for some time.” …
“Vancouver’s median house price was $678,500. Median income was $63,800.
If you can put up with harsh winters, other western cities offer far better value.
In Calgary, median income is $91,499 while the median price of a roof over your head is $353,700.
In Regina, the house price is $244,000 while median income is $74,200, still higher than that of Vancouver. Heck, in Regina you could buy two houses and still be way ahead of where you’d be in Vancouver.
A Royal Bank report on Canadian housing affordability on Monday warned: “Affordability measures for the Vancouver area … are inching ever closer to the worst levels in the annals of Canadian real estate.”
– from ‘Jobs and affordable housing draw young people, families away from B.C.’, Barbara Yaffe, Vancouver Sun, 4 Sep 2012
Noted for being in the Vancouver Sun.
BTW, we’re not sure if we’ll be able to continue to link articles from the Sun: they have announced they will begin to charge for access to online content. The editor stated [22 Aug 2012]: “A growing number of major newspapers around the world, including the New York Times and London’s Times and Guardian, have adopted pay models for digital content. Today, The Sun follows suit.”
This reminds one of the commercial landlords on Robson waiting (with empty stores, it should be noted) for “Rodeo Drive and Park Avenue” rents.