Vancouver condos “will never be affordable”
Housing in Vancouver, including condos “will never be affordable for the majority of potential home buyers” writes Vancouver real estate analyst Fred Schliewinsky in his latest report on the sector. Schliewinsky is talking about new homes in the city, pointing out that prices for a 2 bedroom new build of just over 1000 sq. ft. in a high rise will set you back over $700,000. He says he isn’t expecting the situation to change anytime soon. Figures from RBC show that it takes around 40 per cent of a household’s pre-tax income to afford a condo in the area, while in Toronto the figure is 34.2 per cent and in Calgary it’s just 24 per cent.