RBC: Homeownership costs are now 91 per cent of Vancouverites’ income

But affordability is deteriorating across Canada


Nothing, of course, could persuade condo king Bob Rennie that the Vancouver housing market is in a bubble (or, worse yet, a bubble that’s starting to let the air out).

For everyone else, take a look at this chart RBC put out today with its latest survey of housing affordability in Canada (which is deteriorating in most provinces, by the way):

*As usual, clicking on the chart will open the full-size version


RBC: Homeownership costs are now 91 per cent of Vancouverites’ income

  1. 91% ????

    I live in Toronto, and if my mortgage TRIPLED my costs wouldn’t hit 91% of my pre-tax income.

    That’s just insane!

  2. This is inaccurate. Home ownership costs in Vancouver are 91 per cent of a family’s income, the promise of a couple’s firstborn child, an appendage of your choice, and at least one kidney.

  3. It might be a little more insightful to talk about home ownership costs with respect to the people who’re actually buying those homes rather than the general population. The banks aren’t giving out loans to people who need 91% of their income to make the payments. Next question is how big is the population of the people who can afford those prices vs. the supply of housing? Prices are based on supply and demand, and just because not everybody can afford a Rolls-Royce doesn’t mean that there isn’t a good business in making them.