{"id":12879,"date":"2019-06-28T11:11:56","date_gmt":"2019-06-28T18:11:56","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=12879"},"modified":"2019-06-14T12:28:32","modified_gmt":"2019-06-14T19:28:32","slug":"average-home-costs-4-times-more-than-young-metro-vancouverites-can-afford","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/06\/average-home-costs-4-times-more-than-young-metro-vancouverites-can-afford\/","title":{"rendered":"Average Home Costs 4 Times More Than Young Metro Vancouverites Can Afford"},"content":{"rendered":"

The average home in Metro Vancouver is priced at more than four times what a typical 25-to-34 year-old can afford, according to a study released June 13 by housing advocacy group Generation Squeeze.<\/p>\n

The million-dollar-plus price tag for an average home in the region would have to be reduced by $795,000 \u2013 about three-quarters of the current value \u2013 to under $250,000 to be achievable for a 25-to-34-year-old on a typical annual salary, according to Straddling the Gap.<\/p>\n

That\u2019s based on the buyer spending 30% of their income on mortgage payments; having a 20% down payment; and on current available interest rates.<\/p>\n

Alternatively, a buyer\u2019s typical full-time earnings would need to increase to $200,400 per year \u2013 nearly four times current levels \u2013 to afford the average Metro Vancouver home, said the report. It added, \u201cBased on the last decade, actual earnings are expected to be flat.\u201d
\n\"\"<\/a>
\nSource: Generation Squeeze<\/p>\n

The report also said that a buyer between the ages of 25 and 34 saving for a 20% down payment on an average priced home ($1,050,000) would take 29 years, if saving 15% of their typical pre-tax income each year. That\u2019s longer than some of those buyers have been alive, and 23 years more than in the mid-1980s when some of their boomer parents were buying homes.<\/p>\n

A look at the region\u2019s MLS reveals only a couple of dozen homes currently available under the affordable $250,000 price tag, not counting manufactured homes and fractional ownership.<\/p>\n

Across BC, the report said that average home prices would need to fall $452,000 \u2013 about two-thirds of the current value \u2013 to achieve the $250,000 price tag affordable for a typical young buyer, or salaries would need to triple. The number of years to save for a down payment on an average home in the province (just over $700,000) is 19 years.<\/p>\n

Generation Squeeze is working with the Canada Mortgage and Housing Corporation and makes a number of recommendations to help improve general affordability for young Canadians. These include :<\/p>\n

\u00b7 Reducing or removing other large, non-housing expenses \u2013 such as child care and parental leave, student debt and tuition, transit costs and more;<\/p>\n

\u00b7 Building more purpose-built rental housing to accommodate the fact that people are renting longer;<\/p>\n

\u00b7 Capture housing wealth windfalls through taxation, and remove tax-sheltered gains in housing;<\/p>\n

\u00b7 Revitalize BC\u2019s economy to improve earnings, with less reliance on real estate and development for GDP;<\/p>\n

\u00b7 Find new measures to de-risk the market in order to bring down home costs in ways that support all Canadians, including those who already own property; and<\/p>\n

\u00b7 Protect the housing market from inflation in regions where affordability has not already been lost.<\/p>\n

Average Home Costs Four Times More Than Young Metro Vancouverites Can Afford<\/a> by Joannah Connolly | Glacier Media Real Estate | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"

The average home in Metro Vancouver is priced at more than four times what a typical 25-to-34 year-old can afford, according to a study released June 13 by housing advocacy … [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":[13],"tags":[],"class_list":["post-12879","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"\nAverage Home Costs 4 Times More Than Young Metro Vancouverites Can Afford • 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\/2019\/06\/average-home-costs-4-times-more-than-young-metro-vancouverites-can-afford\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta 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