While affordability is “healthy” in most Canadian cities, condos in Vancouver are affordable but only “barely” and detached homes are “out of reach of most first-time buyers,” according to a report issued by BMO Capital Markets earlier this month.
Home prices in Canada excluding Toronto and Vancouver were 4.1 times the median family income in Q4 of 2014, said the report. In Vancouver, they were 8.1 times the median family income. That’s an increase from 6.5 in Q1 2005 and 5.3 in 2001 Q4.
For the full story from our sister publication Real Estate Weekly, click here.
