Housing affordability has fallen to “never-seen-before” levels in Vancouver, according to a new report from RBC Economic Research.
Metro Vancouver residents on average would have to devote 88.4% of their income in the second quarter to cover the cost of home ownership, the September 28 Housing Trends and Affordability report reveals.
That’s up 8.2 percentage points in the past year.
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“Buying a single-detached home is for the rich only,” the bank’s economic research arm stated in the report.
The economists behind the report determined it would take 119.9% of a typical household’s income to cover ownership costs.
Meanwhile, Victoria is further succumbing to the same affordability issues.
Its measure increased 6.9 percentage points year-over-year to hit 65% — the third-highest level after Vancouver and Toronto (75.9%).