Vancouver Secrets

Great News – Vancouver Drops To Exorbitant

Homeowners in Vancouver only need to spend 70% of their income on their home.

Vancouver home affordability improves, but ‘still exorbitant’

The carrying costs of buying an average Metro Vancouver bungalow worth $576,300 would have eaten up 70 per cent of the median family income in the fourth quarter of 2008, down from almost 75 per cent in the third quarter of 2008.

For the average, basic two-storey home worth $645,700, the measure slipped to 79 per cent from 84 per cent of median income.

The average standard condominium worth $327,500 came closest to the affordable reach of buyers taking up 40 per cent of median family income, down from 43 per cent in the third quarter of 2008.

Prices still have to go down quite a bit….  here’s what you can get for your money now.

Only $658,000

Features original oak floors, with huge living room, kitchen and two bedroom on main floor. Basement recently finished with 2 bdrm suite and two full baths. All double glazed vinyl windows. Walking distance to bus, school, and Kensington Park and Community Center. Easy to show and priced to sell.

Only $738,000

TASTEFULLY RENOVATED HOME WITH CITY/MOUNTAIN VIEW! Extensive use of Crown Moulding, Hardwood, Granite Counters. Functional layout, 3 bdrm up, 2 bdrm down

Thanks, but I think I’ll wait until homes, like the ones above, are only “expensive”.

That should be later this year. Prices here in the burbs continue to plummet…