RBC Economics Research is out with a new report on what you already know, it’s never been so unaffordable to own a single-detached home in the Vancouver area.
According to its latest “Housing Trends and Affordability Report”, outside of Metro Vancouver and Toronto, housing affordability generally remained stable.
“Owning a single-detached home at market prices in the Vancouver area clearly is out of reach for an average household or for the vast majority of households for that matter.”
RBC Chief Economist Craig Wright says, “There are few signs that housing affordability is problematic elsewhere in Canada.”
As for Vancouver and Toronto, Wright says it’s unlikely that anything will change in the two major cities.
“Sellers are very much in control of both markets, and prices are likely to continue to rise rapidly in the coming months.”
And while the condo market is still within reach for many first-time home buyers, buying a detached house in Vancouver is now a pipe dream for the majority of families.