Home resales and prices in Vancouver rising
Posted November 26, 2014 12:04 pm.
This article is more than 5 years old.
VANCOUVER (NEWS1130) – The costs of buying and owning a detached home in Vancouver rose in the third quarter, along with sales and prices.
Economist Robert Hogue says the level of sales is back to normal, “so much so that the balance between demand and supply has been to the advantage of sellers, which has pushed up prices and now is starting to squeeze a bit on affordability.”
“It does explain to a large extent the popularity of condo apartments. I would say this is pretty much here to stay, this is the new normal,” adds Hogue.
RBC says the costs of buying and keeping a detached bungalow in Vancouver at today’s prices take 83.6 per cent of an average household income, up 1.6 points from the previous quarter, the highest in Canada by 27 points.
Condominiums remain the affordable choice, requiring 39.7 per cent of household income,down 2.3 points from a year earlier.
