A recently released report confirms home ownership remains a distant dream for many living in one of Canada’s priciest markets.
The latest housing affordability monitor , a report issued by the National Bank of Canada, estimated just how much a perspective home buyer would need to earn to be able to afford the typical home currently in the market in the Metro Vancouver area.
The report looks to benchmarks a metric different than averages, as an indicator for how much a would be buyer can expect to pay.
The Bank estimates the price of the representative Condo in the Vancouver area- meaning a condo that is typical of what is been available recently- $633, 030.
When it comes to other types of residential properties, a category the report simply calls “non-condo home owners could expect to pay $1,342,184, according the NBC report.
Unsurprisingly to most, Vancouver’s housing supply is the most expensive in the report, followed by the greater Toronto area.
In addition to the price itself, the report points but buyers are expected to provide a higher down payment.
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