Jan 29/08: International Housing Affordability Survey Shows BC has 3 of the Most Unaffordable Housing Markets in the World ...
A new housing survey contains some bad news for British Columbia
residents who dream of owning their own home in the near future.
The International Housing Affordability Survey, which compared 227
housing markets around the world, says B.C. has three of the most
unaffordable housing markets in the world.
They include Kelowna, Vancouver, and Victoria, which retain the
dubious distinction of ranking in the top 25 of the globe's most
severely unaffordable markets.
That ranking is based on a comparison between the household incomes
and the median house prices in the markets that are included in the
In Kelowna, for example, where the median household income is $52,200,
the median house price is $446,300. Kelowna ranked 13th in the survey.
In Vancouver, the median income of $59,000 compares to a median house
price of $503,400. Vancouver ranked 15th.
The report warns that the discrepancy between household incomes and
housing prices will have serious implications for living standards in
some regions, which the survey says may not be sustainable.
In an interview with CBC News, Kelowna resident Michelle Sedmak
described the high cost of housing as a "slap in the face.''
"It's crazy," she said, adding that with a total income of just under
$50,000 from each of their full-time jobs, she and her husband were
unable to qualify for a mortgage.
The couple were told by their bank they would need two full-time jobs
each, at their current salaries, to qualify for a mortgage in Kelowna,
High costs will be especially tough on ethnic minority householders,
who tend to have lower average incomes, the report said. The report
attributes the difference between incomes and housing prices to land