Tuesday, December 9, 2008 Affordability in BC is Improvingby Alex Lam on Tue, Dec, 9, 2008 05:11 PM
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Tuesday, 09 December 2008 |
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B.C.'s real estate market correction is improving home affordability in the province, according to a new RBC Economics study.
The proportion of pre-tax household income needed to service the costs of owning a home has fallen for all housing types in the third quarter. According to the study, owning a standard two-storey home requires 77.7% of a household's income. That's down from 80.9% in the second quarter.
Costs of owning a detached bungalow fell to 69.7% from 73%; the costs for a standard townhouse fell to 53.8% of household income from 55.8%; and the cost for owning a standard condo fell to 38.7% from 40.8% of household income.
But housing in Vancouver remains among Canada's most expensive. In the third quarter, prices are roughly double the national average for most housing types. Home ownership income requirements are still high. A minimum qualifying income of $150,000 is needed to own a two-storey home; $135,000 is required for a detached bungalow.
Given these high requirements, the study said most families in Vancouver are effectively shut out from owning a home and must instead look to the condominium market. | ... Monday, September 29, 2008 Reasons to Buy Vancouver Real Estate Nowby Alex Lam on Mon, Sep, 29, 2008 11:56 AM
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Selection, lots to select from. There are over 32,000 single-family homes for sale and 15,000 condominiums for sale in Greater Vancouver area. For most price ranges there are plenty of houses or c... Monday, July 7, 2008 BC Housing Hits Affordability Limitby Alex Lam on Mon, Jul, 7, 2008 05:14 PM By Tom Fletcher - BC Local News
Published: July 06, 2008 9:00 AM
Updated: July 06, 2008 9:53 AM
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As a was telling everybody from my last post, I was planning to attend an a event held by the Greater Vancouver Real Estate Board with special guest speaker Cameron Muir... Monday, June 9, 2008 TD Mortgage Rep Comment On May 2008 Market Statesby Alex Lam on Mon, Jun, 9, 2008 05:39 PM At our office meeting today, we had a mortgage rep from TD come in and discuss the current real estate market. For sales in may 2008, we have a decrease of 30% decrease in the amount of sales compared... Monday, June 9, 2008 Housing Starts Up in Mayby Alex Lam on Mon, Jun, 9, 2008 12:47 PM Canada May Housing Starts Climbed More Than Expected (Update1)
By Greg Quinn
June 9 (Bloomberg) -- Canadian new-home starts rose a greater-than-expected 3.5 percent in May from the previous month, led by... Sunday, June 8, 2008 Surrey Paper - Softening Marketby Alex Lam on Sun, Jun, 8, 2008 03:17 PM Real estate in this area remains somewhat strong in comparison to other areas throughout the Lower Mainland and Fraser Valley, which is seeing price softening.
The head of the local real estate board said... |
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