Well folks, it’s an open secret that the housing market in Vancouver gives off Parasite vibes, but we didn’t think things were this bad. The latest housing affordability report for Canada has been released, and just getting a down payment for a home in Vancouver won’t take you years, but decades.
While things are pretty gnarly across the country, Vancouver’s housing affordability is far and away the worst in Canada. Basically, not only do you need a serious income, but if you’re saving an ‘average’ amount each month things get downright ludicrous.
HIM: I have a blog where I revolutionize cheesesteak sandwiches
HER: And I saw a buffalo yesterday
HIM: Our budget is $2.9 million
— House Hunters Plots (@HouseBudgets) August 5, 2021
The National Bank of Canada’s report found that the ‘representational’ home in Metro Vancouver costs around $1.47M. But it’s not just the price- it’s also the annual income needed to qualify, which is a whopping $250k for the household. If you’re saving 10% of your income a year, it’ll take you 411 months (around 34 years) to afford the down payment alone.
Yeah, it’s nuts, we know. Not only is the premium for getting a home in Vancouver almost 69% (nice) higher than the national average, but it also takes almost a decade longer to save for a home here than in Toronto, which is around 26 years when adjusted.
And compared to some of Canada’s cheaper markets, it’s like we’re living on a different planet. Want to buy a home in Montreal? That’ll only take you around 4 years. Heck, are you thinking of moving to Calgary or Edmonton? You can do it in under 3, a tenth of the time needed in Vancouver.