Yay, we’re third…worst!

According to the Frontier Centre for Public Policy, Vancouver is the third least affordable city to own a home…in the world (link).  The average income (not sure if this is personal or household – my bet is household) in Vancouver is $63,000 a year, and the average cost of a home is $620,000 (source). I wonder if the average cost is heavily skewed towards the cost of detached homes compared with the cost of condos and attached homes – does anyone have data on these – i.e. the cost/frequency distribution of homes in Vancouver?

In any case, I’m not entirely sure who’s buying the expensive detached homes.  There are only so many 6-figure jobs out there, and I doubt a bank will loan a over a half million dollars to a family bringing in $63,000 a year (especially given the new mortgage regulations that require 20% down payment on any home in order to avoid purchasing default insurance – ranging between $5890-20,615 for a $620,000 home, assuming you put down the minimum %5 – link).

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Dave Semeniuk spends hours locked up in his office, thinking about the role the oceans play in controlling global climate, and unique ways of studying it. He'd also like to shamelessly plug his art practice: davidsemeniuk.com