The average detached house in Vancouver could cost $2.1 million and require more than the median household income by 2030 if prices continue to rise at the current level. That’s the finding of a report by Vancity called Downsizing the Canadian Dream: Homeownership Realities for Millennials and Beyond.
It says that only a handful of suburbs are classed as “affordable” which is determined by not exceeding 32 per cent of a homeowner’s gross monthly income. Recommendations made in the report include re-zoning to allow greater density and incentives for developers to build affordable housing. The city’s chief housing officer says they are already working on similar ideas. Read the full story.