Toni Pohl

Phone: 604-725-6702 |

Blogs
Posts By Date
Categories

More to Affordability Than Meets the Eyes

According to British Columbia Real Estate Association's Chief Economist Cameron Muir, it’s no secret that Vancouver has the highest home prices in the country.  He explains that it might be useful to do some scratching just below the surface. The ratio of home prices to household income is a commonly used measure to assess relative housing affordability between cities. Unfortunately, it is a very poor indicator in and of itself. It doesn’t account for variations in interest rates between countries. This can distort relative affordability as lower home prices can mask higher carrying costs.  It also ignores the level of diversity of a city’s housing stock, where a median or average home price doesn’t tell us much about the cost of housing in the least expensive twentieth percentile.

View his publication to find out how there's more to affordability than meets the eyes.  

Source:  British Columbia Real Estate Association     www.bcrea.bc.ca

Comments:
No comments

Post Your Comment:

The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.