Vancouver Remains Canada’s Most Unaffordable Housing Market RBC released it’s latest housing affordability report. To little surprise, Canadian Real Estate remains vastly unaffordable for the masses. After back to back declines, Vancouver’s affordability or rather unaffordability metric ticked upwards once again. The RBC Housing Affordability Measures show the proportion of median pre-tax household income that would be required to service the cost of mortgage payments (principal and interest), property taxes, and utilities based on the average market price for a particular segment of the market. The affordability measures are based on a 25% down payment, and a 25-year mortgage loan at a five-year fixed rate. As per the graph, Vancouver condos require 46.2% of one’s pre tax income. While it requires an impossible 114.6% of your pre tax income to for a detached home. Keep in mind, this is assuming a 25% down payment which from my experience most buyers don’t have today. Vancouver remains the most unaffordable housing market across Canada, by a long shot. Requiring a staggering 80.7% of one’s pre tax income for the typical home. With rising interest rates, something tells me this might get worse before it gets better… Join My Weekly Vancouver Real Estate Newsletter

Vancouver Condo Prices Jump Another 1.5% in August The Vancouver condo market continues to defy logic, as the average price per square foot jumped another 1.5% month over month, pushing the total increase to 13% this year. Perhaps even more concerning, total inventory plunged to it’s lowest totals in recent history, with just 849 active listings for sale. See last month’s Vancouver Condo Report. Vancouver Condo Sales Vancouver condo sales increased 20% year over year. However, this is comparing it to last August when the market froze to a sudden announcement of a foreign buyers tax. Vancouver condo sales were still 15% above the ten year average. New Listings/Inventory Levels Vancouver condo new listings fell 8% year over year, and were 14% below the ten year average. This is definitely not helping replenish already historically low inventory levels. The biggest issue lies in overall inventory levels which continue to trend lower. Inventory fell 35% year over year. Vancouver Condo Prices The average sales price hit $849,325 in August, which is up 17% year over year. The price per square foot for Vancouver condos increased to $1012, up 19% year over year. Click Here To Access Price Per Square Foot By