WATCH: Average Vancouver home price to exceed $2.1 million by 2030

The cost of housing in Vancouver may take up more than 100 per cent of your household income come 2030 making it completely out of reach for most people, according to a new report released by Vancity.

Vancity says currently in Metro Vancouver, an average property requires more than 48 per cent of the average household’s monthly income. That, while Canada Mortgage and Housing Corporation says the first affordability rule is that your monthly housing costs should not be more than 32 per cent of your gross monthly income.

Only Maple Ridge, New Westminster, Pitt Meadows, Port Coquitlam and Langley are currently being classified as affordable, says the report.

However, the picture might change.

The report suggests an average Vancouver home price will exceed $2.1 million by 2030, resulting in a price-to-income ratio of 108 per cent. The ratio entails that monthly mortgage payments will exceed monthly household income by eight per cent.

By 2030, Vancity says, the only affordable community in Metro Vancouver will be Langley.

With average property value expected to remain at around $525,000, an average household should be able to cover housing costs with only 26.8 per cent of their income.

“In comparison to Vancouver and more densely populated sections, Langley continues to be affordable,” says Andy Broderick with Vancity Community Investment. “We think it has implications to proximity of living and working. We have to make sure we have a good transportation infrastructure in place. You can’t just keep travelling further out. It has policy implications that we have to deal with.”

WATCH: Andy Broderick with Vancity Community Investment talks about a new report that suggests it will take more than 100 per cent of your income to own a home in Vancouver by 2030.

The report suggests Metro Vancouver residents will still have some options.

It says that while the affordability of detached homes is moving out of the reach of the average household, condominiums will become a more common form of property ownership for young families.

However, since 2005, the condo market has only increased by 43 per cent, while the average property has increased by more than 126 per cent, according to the report. This shows that the jump up from a condo will soon be out of reach, with many condo owners finding themselves financially stuck in their starter.

Tweet This Click to share quote on Twitter: However, since 2005, the condo market has only increased by 43 per cent, while the average property has increased by more than 126 per cent, according to the report. This shows that the jump up from a condo will soon be out of reach, with many condo owners finding themselves financially stuck in their starter.

“It is a dark picture, but we don’t think it is the conclusion that we should reach,” says Broderick. “We think that we need to pull together and work with our levels of government, policy makers and financial institutions to flag that these current trends are not sustainable. ”

He says it is important to curb the trends, increase incomes and reduce the speculative value of real estate.