{"id":5463,"date":"2017-04-10T10:10:09","date_gmt":"2017-04-10T17:10:09","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=5463"},"modified":"2017-04-07T10:21:41","modified_gmt":"2017-04-07T17:21:41","slug":"housing-affordability-has-eased-in-vancouver-for-the-1st-time-in-3-years","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/04\/housing-affordability-has-eased-in-vancouver-for-the-1st-time-in-3-years\/","title":{"rendered":"Housing Affordability Has Eased in Vancouver for the 1st Time in 3 Years"},"content":{"rendered":"<p style=\"text-align: justify;\">In Canada\u2019s former hottest housing market, housing affordability improved slightly in 2016\u2019s last quarter but it remains incredibly challenging for first-time buyers in Vancouver to enter the market.<\/p>\n<p style=\"text-align: justify;\">Despite the city still having the most expensive housing market in Canada, for the first time in three years its housing affordability has eased, according to RBC\u2019s fourth quarter report published last week.<\/p>\n<p style=\"text-align: justify;\">RBC calculates a market\u2019s housing affordability measure based on the median pre-tax household income required to pay mortgages (principal and interest), property taxes and utilities for the average market price of homes, including condos. The higher the affordability measure is in a market, the less affordable the market is for homebuyers.<\/p>\n<p style=\"text-align: justify;\">Even though Vancouver\u2019s aggregate affordability measure saw a drop of 5.2 percentage points since 2014, entering the market is a long shot for many, as the measure was still 84.8% in 2016\u2019s fourth quarter, by far the highest in the country.<\/p>\n<p style=\"text-align: justify;\">\u201cIt\u2019s still very elevated,\u201d says RBC Chief Economist Craig Wright to BuzzBuzzNews. \u201cIt is still very much a stretch, particularly for first-time homebuyers, to get into the Vancouver market,\u201d he adds.<\/p>\n<p style=\"text-align: justify;\">Condo affordability in Vancouver is not as steep, at 46.1% in 2016\u2019s last quarter but still challenging for average households.<\/p>\n<p style=\"text-align: justify;\">Meanwhile, the Toronto market deteriorated to its record worse affordability measure since 1990, at 64.6% in the final quarter of 2016.<\/p>\n<p style=\"text-align: justify;\">Sitting in a high-risk zone, RBC says Toronto\u2019s eroding measure reflects the strain of supply and demand causing single-detached home prices to escalate, along with an increase in condo values.<\/p>\n<p style=\"text-align: justify;\">\u201cWhen prices start shooting up so significantly driven by speculation, it starts to distort the signals and that\u2019s when you start to get worried,\u201d says Wright. \u201cHopefully authorities cap the enthusiasm and people don\u2019t expect prices to rise by 33 per cent a year ahead,\u201d he continues.<\/p>\n<p style=\"text-align: justify;\">According to the report, the introduction of policies by the federal and BC governments last year, including Metro Vancouver\u2019s 15% foreign-buyer tax, contributed to the decline of home resales in Vancouver significantly, which in turn, positively impacted home prices and affordability. Also, supply and demand in the city have become more balanced over the past year, further influencing the affordability measure.<\/p>\n<p style=\"text-align: justify;\">To escape Vancouver\u2019s red-hot market, many homebuyers travelled to less expensive Victoria, but towards the end of 2016 that influx lost steam, as home prices started to rise.<\/p>\n<p style=\"text-align: justify;\">In Victoria, 55.1% of an average household income went to housing costs in 2016\u2019s fourth quarter, reaching a six-year high.<\/p>\n<p style=\"text-align: justify;\">\u201cWe didn\u2019t see the impact of policy on Victoria, and that\u2019s part of what of we\u2019ve seen, that prices continue to hold up,\u201d says Wright.<\/p>\n<p style=\"text-align: justify;\">So far this year, demand and supply conditions continue to be tight in Victoria, signalling the likelihood of upward price pressure and affordability deteriorating further, says RBC.<\/p>\n<p style=\"text-align: justify;\">Overall, Canadian housing affordability has remained unchanged in 2016\u2019s last quarter, compared to the third quarter last year.<\/p>\n<p style=\"text-align: justify;\">Ending six consecutive quarterly increases, the national affordability measure was 44.2% in the fourth quarter of 2016.<\/p>\n<p style=\"text-align: justify;\">The majority of other Canadian markets\u2019 affordability levels remained close to historical norms, in last year\u2019s final quarter.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2017\/04\/housing-affordability-eased-vancouver-for-first-time-three-years-rbc.html\" target=\"_blank\">RBC : Housing Affordability Has Eased in Vancouver for the 1st Time in 3 Years<\/a> by Kerrisa Wilson | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In Canada\u2019s former hottest housing market, housing affordability improved slightly in 2016\u2019s last quarter but it remains incredibly challenging for first-time buyers in Vancouver to enter the market. Despite the &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/04\/housing-affordability-has-eased-in-vancouver-for-the-1st-time-in-3-years\/\">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-5463","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Housing Affordability Has Eased in Vancouver for the 1st Time in 3 Years &#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\/2017\/04\/housing-affordability-has-eased-in-vancouver-for-the-1st-time-in-3-years\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Housing Affordability Has Eased in Vancouver for the 1st Time in 3 Years &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"In Canada\u2019s former hottest housing market, housing affordability improved slightly in 2016\u2019s last quarter but it remains incredibly challenging for first-time buyers in Vancouver to enter the market. Despite the &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=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/04\\\/housing-affordability-has-eased-in-vancouver-for-the-1st-time-in-3-years\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/04\\\/housing-affordability-has-eased-in-vancouver-for-the-1st-time-in-3-years\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Housing Affordability Has Eased in Vancouver for the 1st Time in 3 Years\",\"datePublished\":\"2017-04-10T17:10:09+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/04\\\/housing-affordability-has-eased-in-vancouver-for-the-1st-time-in-3-years\\\/\"},\"wordCount\":548,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Market Updates\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/04\\\/housing-affordability-has-eased-in-vancouver-for-the-1st-time-in-3-years\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/04\\\/housing-affordability-has-eased-in-vancouver-for-the-1st-time-in-3-years\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/04\\\/housing-affordability-has-eased-in-vancouver-for-the-1st-time-in-3-years\\\/\",\"name\":\"Housing Affordability Has Eased in Vancouver for the 1st Time in 3 Years &#8226; Rory C Real Estate | Oakwyn Realty\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\"},\"datePublished\":\"2017-04-10T17:10:09+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/04\\\/housing-affordability-has-eased-in-vancouver-for-the-1st-time-in-3-years\\\/#breadcrumb\"},\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/04\\\/housing-affordability-has-eased-in-vancouver-for-the-1st-time-in-3-years\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/04\\\/housing-affordability-has-eased-in-vancouver-for-the-1st-time-in-3-years\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Housing Affordability Has Eased in Vancouver for the 1st Time in 3 Years\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\",\"name\":\"Rory C Real Estate | Oakwyn Realty\",\"description\":\"Rory C Real Estate Updates | Home Selling &amp; Buying\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-CA\"},{\"@type\":[\"Person\",\"Organization\"],\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\",\"name\":\"Rory Clipsham\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-CA\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"contentUrl\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"width\":504,\"height\":504,\"caption\":\"Rory Clipsham\"},\"logo\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\"},\"sameAs\":[\"http:\\\/\\\/www.roryc.ca\\\/\",\"https:\\\/\\\/www.facebook.com\\\/pg\\\/BurnabyandCoquitlamHomes\\\/about\\\/?ref=page_internal\",\"https:\\\/\\\/www.instagram.com\\\/roryclipshamhomes\\\/\",\"https:\\\/\\\/x.com\\\/RoryClipsham\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Housing Affordability Has Eased in Vancouver for the 1st Time in 3 Years &#8226; Rory C Real Estate | Oakwyn Realty","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.roryc.ca\/blog\/2017\/04\/housing-affordability-has-eased-in-vancouver-for-the-1st-time-in-3-years\/","twitter_card":"summary_large_image","twitter_title":"Housing Affordability Has Eased in Vancouver for the 1st Time in 3 Years &#8226; Rory C Real Estate | Oakwyn Realty","twitter_description":"In Canada\u2019s former hottest housing market, housing affordability improved slightly in 2016\u2019s last quarter but it remains incredibly challenging for first-time buyers in Vancouver to enter the market. Despite the &hellip; [read more]","twitter_creator":"@RoryClipsham","twitter_site":"@RoryClipsham","twitter_misc":{"Written by":"Rory Clipsham","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.roryc.ca\/blog\/2017\/04\/housing-affordability-has-eased-in-vancouver-for-the-1st-time-in-3-years\/#article","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/2017\/04\/housing-affordability-has-eased-in-vancouver-for-the-1st-time-in-3-years\/"},"author":{"name":"Rory Clipsham","@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"headline":"Housing Affordability Has Eased in Vancouver for the 1st Time in 3 Years","datePublished":"2017-04-10T17:10:09+00:00","mainEntityOfPage":{"@id":"https:\/\/www.roryc.ca\/blog\/2017\/04\/housing-affordability-has-eased-in-vancouver-for-the-1st-time-in-3-years\/"},"wordCount":548,"commentCount":0,"publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"articleSection":["Market Updates"],"inLanguage":"en-CA","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.roryc.ca\/blog\/2017\/04\/housing-affordability-has-eased-in-vancouver-for-the-1st-time-in-3-years\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.roryc.ca\/blog\/2017\/04\/housing-affordability-has-eased-in-vancouver-for-the-1st-time-in-3-years\/","url":"https:\/\/www.roryc.ca\/blog\/2017\/04\/housing-affordability-has-eased-in-vancouver-for-the-1st-time-in-3-years\/","name":"Housing Affordability Has Eased in Vancouver for the 1st Time in 3 Years &#8226; Rory C Real Estate | Oakwyn Realty","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/#website"},"datePublished":"2017-04-10T17:10:09+00:00","breadcrumb":{"@id":"https:\/\/www.roryc.ca\/blog\/2017\/04\/housing-affordability-has-eased-in-vancouver-for-the-1st-time-in-3-years\/#breadcrumb"},"inLanguage":"en-CA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.roryc.ca\/blog\/2017\/04\/housing-affordability-has-eased-in-vancouver-for-the-1st-time-in-3-years\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.roryc.ca\/blog\/2017\/04\/housing-affordability-has-eased-in-vancouver-for-the-1st-time-in-3-years\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.roryc.ca\/blog\/"},{"@type":"ListItem","position":2,"name":"Housing Affordability Has Eased in Vancouver for the 1st Time in 3 Years"}]},{"@type":"WebSite","@id":"https:\/\/www.roryc.ca\/blog\/#website","url":"https:\/\/www.roryc.ca\/blog\/","name":"Rory C Real Estate | Oakwyn Realty","description":"Rory C Real Estate Updates | Home Selling &amp; Buying","publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.roryc.ca\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-CA"},{"@type":["Person","Organization"],"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7","name":"Rory Clipsham","image":{"@type":"ImageObject","inLanguage":"en-CA","@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","url":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","contentUrl":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","width":504,"height":504,"caption":"Rory Clipsham"},"logo":{"@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg"},"sameAs":["http:\/\/www.roryc.ca\/","https:\/\/www.facebook.com\/pg\/BurnabyandCoquitlamHomes\/about\/?ref=page_internal","https:\/\/www.instagram.com\/roryclipshamhomes\/","https:\/\/x.com\/RoryClipsham"]}]}},"_links":{"self":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/5463","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/comments?post=5463"}],"version-history":[{"count":4,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/5463\/revisions"}],"predecessor-version":[{"id":5470,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/5463\/revisions\/5470"}],"wp:attachment":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/media?parent=5463"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/categories?post=5463"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/tags?post=5463"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}