A new report is shedding some light on just how far out of reach home ownership has become in Vancouver.
According to Statistics Canada, the median household income is $86,000 a year.
The report from Rates.ca states that under the current rules, the average family would qualify for an uninsured mortgage of just more than $400,000.
However, the median home price in Vancouver is $1.2 million — or 195 per cent more than they could afford.
“What we’re coming to see now is that a larger group of people are entangled in this housing world, because it is regular homeowners who have made a range of decisions in our lives that have fuelled this housing system to continue to drive home prices above our earnings,” Paul Kershaw with Generation Squeeze told Global News.
The provincial and federal governments have shown interest in making housing more affordable
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This week, federal Housing Minister Sean Fraser sent Metro Vancouver a letter urging the board to rethink planned increases in development cost charges in the name of affordability.
“A drastic increase in development charges will inhibit our ability to seize the opportunity to incentivize a rapid increase in construction,” Fraser wrote.
B.C.’s Housing Minister, Ravi Kahlon, said Thursday that he thinks Fraser’s proposal is very reasonable.
“I’m certainly hoping that Metro Vancouver mayors consider it so that we can finally get those important federal dollars into those communities.”
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Impact of high mortgage rates on B.C. families -
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Survey: First-time buyers getting help to pay their mortgage -
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Vancouver vacancy rate drops
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