According to The Vancouver Sun a recent international survey revealed that Vancouver is “severely unaffordable”. Well that isn’t really newsworthy, however, from the 325 cities international surveyed Vancouver ranked number 3. That is newsworthy.
The average home in Vancouver is $602,000 (this includes all housing, detached homes run around $1 million). This translates to roughly 9.5 times the $63,100 median income. Obviously this doesn’t include income from other sources, B.C. bud anyone? Normally, a ratio of the 3 times the median income range is considered affordable.
In the global survey only Hong Kong and Sydney, Australia ranked worse.
So why is Vancouver so severely unaffordable? For one our corporate base is small and the incomes in the city aren’t the greatest, however, there has been a shift in policies that should see a rise in higher paying white collar jobs in the near future. Furthermore, it’s no secret there is very little land left that can be developed. That is why the city needs to adopt additional density in the downtown core and all over the city. Sorry NIMBY’s but this has to be done.