Average Vancouver home price to exceed $2.1 million by 2030
http://globalnews.ca/ Wed, 25 Mar 2015 13:04:29 -0700
The cost of housing in Vancouver may take up more than 100 per cent of your household income come 2030 making it completely out of reach for most people, according to a new report released by Vancity. Home prices will increasingly soar beyond what is affordable to most families – not just in Vancouver itself, but in other Lower Mainland cities as well.
Vancity Savings project that projects the average home price in Vancouver will exceed $2.1 million by 2030 and require more than 100 per cent of average household income to pay the mortgage. View homes for sale in metro Vancouver area.
While the affordability of detached homes is moving further and further out of the reach of the average household,condominiums will become a more common and desirable way to achieve the dream of property ownership.
Currently, only Maple Ridge, New Westminster, Pitt Meadows, Port Coquitlam and Langley are being classified as affordable, says the report.