If soaring home price trends continue, the price for an average detached home in Vancouver will reach $2.1 million by 2030, putting home ownership dreams completely out of reach for young Vancouverites. That depressing picture comes courtesy of a new report from Vancity Credit Union. In the future, owning a condo may become the only realistic avenue to home ownership, conclude the report authors, although even condo prices in Vancouver may rise out of reach for most residents.
The affordability crisis extends beyond Vancouver and includes all the municipalities in the Metro Vancouver regional district. The average Metro Vancouver property now requires 43 per cent of the average household’s monthly income, compared to the 32 per cent recommended by the Canadian Mortgage and Housing Corporation.
“While certain communities remain affordable, the cost of housing in the vast majority of communities is pushing residents to their financial limit,” reads the report.
The report authors call for all three levels of government to put in place policies to address housing affordability, such as increasing zoning for high-density housing and having formal affordable housing plans.
Residents will also have to change their expectations of home ownership, which could mean choosing to invest money in other ways than buying property, consider co-ownership or co-operative housing models, being open to living in smaller spaces, and think about living with their parents.
jstdenis@biv.com
@jenstden
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