Affordability Still a "Major Vulnerability" in Vancouver Housing Market
Posted on August 8, 2017 by Judi Whyte RI & Cathy Wood
Affordability continues to be a "major vulnerability" in Vancouver's housing market, as the effects of the 15% foreign buyer tax implemented last year seem to be waning, according to RBC's Canadian Housing Health Check. The report, published July 27, measures affordability by examining the cost of home prices as a percentage of household income.
The report found this ratio to be 79% in Vancouver, over 30% higher than the national average of 45.9%. The report states that anything above 45.1% poses a major risk.
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