Friday, 21 September 2018

Severe gap between income and house prices in all Metro

Vancouver markets: report

How unaffordable is the Metro Vancouver housing market? A report from a real estate referral service has found the gap between housing costs and income is tens of thousands of dollars in most cities in the region.
The minimum income required to a buy a house in a neighbourhood compared with residents’ median income.
It found that there isn’t a single market across Metro Vancouver where a household earning the median income can afford houses for sale.  Eleven of the 21 markets studied had income gaps of more than $100,000.
In Port Moody, for example, which is the sixth least affordable market, the median income is around $93,000. That means those residents would be more than $118,000 short. In North Vancouver, the income gap is more than $160,000.
The least-affordable area for detached homes is Vancouver’s West Side, where in neighbourhoods such as Kitsilano or Point Grey residents would need an annual income of $450,000 to buy a house. The actual median income in that area is $65,000, for an income gap of $385,000.
Following the West Side in the least affordable category are West Vancouver, Richmond, North Vancouver, Burnaby South, and Port Moody.
Even in the most affordable region — Maple Ridge — a household that earns the median of $86,178 would still be $35,602 short to buy a detached house.
Other most affordable markets are Pitt Meadows, North Delta, North Surrey, Ladner and Port Coquitlam, but all of those cities have income gaps above $40,000.

Infographic shows the income gap between salaries and the price of houses in Metro Vancouver. As for apartments, only seven of the 21 markets had no income gap. They are Maple Ridge, North Delta, Ladner, Port Coquitlam, North Surrey, Tsawwassen, and Pitt Meadows.

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