Vancouvers Housing Affordability Index Gets Worse
There is no positive outlook for Vancouver’s housing affordability index as experts expect it to get worse even if home prices are stabilized this is due to the fact that a rise in interest rates will easily counteract the move of stabilizing the prices thus keeping them out of reach for many residents in Vancouver.
The just released index goes to show what many people have been complaining about over the recent months and that is how unaffordable houses in Vancouver are for the common average family that is leaving in the city.
The index rose by a massive full point to stand at 82.4%. This figure indicates that the cost of owning home-by-home buyers will eat up more than 82% of Vancouver’s average pre-tax income in an event that property taxes as well as mortgage taxes are include.
Currently Vancouver has been experiencing an increase in real estate prices something that residents in the city have been demonstrating over in various occasion. If you were to leave in Vancouver last year in a single-family detached house, then you will have to come up with $1,361,023. That figure has since risen in 2015 to amounts which some are referring to as “ridiculous”.
If you have been put off by the prices and opted not to buy one until this whole debacle is over ten you are not in luck as a new report is indicating that owning a home in Canada will only get worse, this is according to a report by the Royal Bank.