{"id":10386,"date":"2018-09-26T10:10:33","date_gmt":"2018-09-26T17:10:33","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=10386"},"modified":"2018-09-14T08:56:58","modified_gmt":"2018-09-14T15:56:58","slug":"metro-vancouvers-detached-homes-remain-well-out-of-reach","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/09\/metro-vancouvers-detached-homes-remain-well-out-of-reach\/","title":{"rendered":"Metro Vancouver’s Detached Homes Remain Well Out of Reach"},"content":{"rendered":"

Using August 2018 benchmark price data from the Real Estate Board of Greater Vancouver, a new study from information portal and brokerage Zoocasa found that the city\u2019s detached homes have become impossible options for a vast majority of hopeful buyers.<\/p>\n

This was true even in the lowest-priced markets for this housing type. In Maple Ridge, households earning the median income of $86,178 would still need $35,602 more for a detached home.<\/p>\n

The Zoocasa study came in the wake of a global price analysis released by The Economist last month, which ranked Vancouver the 5th most overvalued urban real estate market worldwide, and Canada the 3rd most overvalued country in terms of housing values.<\/p>\n

The study also found that homes in Vancouver are priced 65% higher than they should be based on local incomes.<\/p>\n

Zoocasa noted in its report that the 5 most expensive Metro Vancouver markets for detached houses are as follows :<\/p>\n

Rank 1 – Vancouver West
\nBenchmark Price : $3,278,500
\nMinimum Required Income : $450,292
\nActual Median Income : $65,327
\nIncome Gap : $384,965<\/p>\n

Rank 2 – West Vancouver
\nBenchmark Price : $2,832,600
\nMinimum Required Income : $389,468
\nActual Median Income : $89,808
\nIncome Gap : $299,660<\/p>\n

Rank 3 – Richmond
\nBenchmark Price : $1,669,900
\nMinimum Required Income : $230,866
\nActual Median Income : $57,779
\nIncome Gap : $173,087<\/p>\n

Rank 4 – North Vancouver
\nBenchmark Price : $1,649,700
\nMinimum Required Income : $228,110
\nActual Median Income : $67,119
\nIncome Gap : $160,991<\/p>\n

Rank 5 – Burnaby South
\nBenchmark Price : $1,621,000
\nMinimum Required Income : $224,195
\nActual Median Income : $64,737
\nIncome Gap : $159,458<\/p>\n

Price-Wise Vancouver’s Detached Homes Remain Well Out of Reach<\/a> by Ephraim Vecina | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"

Using August 2018 benchmark price data from the Real Estate Board of Greater Vancouver, a new study from information portal and brokerage Zoocasa found that the city\u2019s detached homes have … [read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-10386","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"\nMetro Vancouver's Detached Homes Remain Well Out of Reach • Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2018\/09\/metro-vancouvers-detached-homes-remain-well-out-of-reach\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" 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