{"id":4410,"date":"2016-12-28T10:10:33","date_gmt":"2016-12-28T18:10:33","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=4410"},"modified":"2017-01-20T13:57:38","modified_gmt":"2017-01-20T21:57:38","slug":"rbc-vancouver-home-affordability-hits-record-low-but-may-be-at-a-turning-point","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/12\/rbc-vancouver-home-affordability-hits-record-low-but-may-be-at-a-turning-point\/","title":{"rendered":"RBC : Vancouver Home Affordability Hits Record Low But May Be At A Turning Point"},"content":{"rendered":"<p style=\"text-align: justify;\"><em>The city is still\u2014by far\u2014the least affordable metropolitan area in the country<\/em><\/p>\n<p style=\"text-align: justify;\">Vancouver\u2019s housing market remains the most unaffordable market in Canada by far, and in 2016\u2019s third quarter, affordability eroded further, according to RBC\u2019s Housing Trends and Affordability report released December 21.<\/p>\n<p style=\"text-align: justify;\">On average, in 2016\u2019s third quarter, Vancouverites needed to spend 92% of their median pre-tax household income to service the costs of mortgage payments, property taxes and utilities, based on the average market cost for all housing types. This is a record high for the city.<\/p>\n<p style=\"text-align: justify;\">This is up 2.2 percentage points compared with Q2, which happens to be the smallest increase in more than two years, and according to RBC chief economist Craig Wright, this could actually be a good sign for affordability in the city.<\/p>\n<p style=\"text-align: justify;\">\u201cThe third quarter could be a turning point toward improving affordability in the Vancouver area in light of a recent easing in detached home prices,\u201d Wright said. \u201cNew mortgage insurance rules may help affordability over time, but 2017 is likely to see a tug of war between these market-cooling policy measure and rising longer-term interest rates, pulling affordability in opposite directions.<\/p>\n<p style=\"text-align: justify;\">\u201cThe net effect of this on the costs of owning a home is unclear at this point.\u201d<\/p>\n<p style=\"text-align: justify;\">Much of the affordability erosion in the city came from detached homes, which are \u201cby now clearly a luxury form of housing in Vancouver,\u201d RBC said in its report.<\/p>\n<p style=\"text-align: justify;\">Housing in the city remains significantly less affordable than in anywhere else in Canada. The average household in the country only needs to spend 44.3% of median pre-tax income on servicing homeownership, which is less than half of Vancouverites\u2019 share. After Vancouver, in a distant second place, is Toronto, at 63.7%.<\/p>\n<p style=\"text-align: justify;\">As well, for the first time in two years, Vancouver did not have Canada\u2019s biggest drop in affordability; that honour went to Toronto, which saw affordability drop three percentage points.<\/p>\n<p><a href=\"https:\/\/www.biv.com\/article\/2016\/12\/vancouver-home-affordability-hits-record-low-may-b\/\" target=\"_blank\">RBC : Vancouver Home Affordability Hits Record Low But May Be At A Turning Point<\/a> by Emma Crawford Hampel | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The city is still\u2014by far\u2014the least affordable metropolitan area in the country Vancouver\u2019s housing market remains the most unaffordable market in Canada by far, and in 2016\u2019s third quarter, affordability &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/12\/rbc-vancouver-home-affordability-hits-record-low-but-may-be-at-a-turning-point\/\">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-4410","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>RBC : Vancouver Home Affordability Hits Record Low But May Be At A Turning Point &#8226; 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\/2016\/12\/rbc-vancouver-home-affordability-hits-record-low-but-may-be-at-a-turning-point\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"RBC : Vancouver Home Affordability Hits Record Low But May Be At A Turning Point &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The city is still\u2014by far\u2014the least affordable metropolitan area in the country Vancouver\u2019s housing market remains the most unaffordable market in Canada by far, and in 2016\u2019s third quarter, affordability &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/12\\\/rbc-vancouver-home-affordability-hits-record-low-but-may-be-at-a-turning-point\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/12\\\/rbc-vancouver-home-affordability-hits-record-low-but-may-be-at-a-turning-point\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"RBC : Vancouver Home Affordability Hits Record Low But May Be At A Turning Point\",\"datePublished\":\"2016-12-28T18:10:33+00:00\",\"dateModified\":\"2017-01-20T21:57:38+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/12\\\/rbc-vancouver-home-affordability-hits-record-low-but-may-be-at-a-turning-point\\\/\"},\"wordCount\":352,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Real Estate\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/12\\\/rbc-vancouver-home-affordability-hits-record-low-but-may-be-at-a-turning-point\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/12\\\/rbc-vancouver-home-affordability-hits-record-low-but-may-be-at-a-turning-point\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/12\\\/rbc-vancouver-home-affordability-hits-record-low-but-may-be-at-a-turning-point\\\/\",\"name\":\"RBC : Vancouver Home Affordability Hits Record Low But May Be At A Turning Point &#8226; 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