The cost of home ownership for a typical family in Vancouver has increased more than 12 per cent in 2016 alone according to new data from The Royal Bank.
The bank says that costs have risen to 90 per cent of a family’s pre-tax income, which is more than double the national average of 43 per cent.
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Housing affordability has also seen its biggest six month drop since the early 90s.
A new report by TD Bank has said that the Vancouver housing marking is beginning to correct itself.
Toronto currently has the country’s second lowest rate of affordable housing at just over 60 per cent of the average family income.