Despite exhibiting consistently inflamed price averages, B.C.’s housing market still offers some pockets of relative affordability that households can take advantage of, according to a new analysis by real estate portal Zoocasa.
Single-income households have no luck, however; no B.C. metropolitan market even comes close to the economist-recommended home-price-to-income ratio of 3. In Vancouver, an average home costs at least 32 times the income of a single-earning household, and 14 times that of two-or-more person households.
The Zoocasa study calculated the home-price-to-income ratios of the province’s major cities using data from Statistics Canada. A lower ratio means shorter time needed for paying off a home purchase.[Read Me…]
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