And You Wonder Why No One Can Afford a House

Housing prices in Vancouver are among the highest in the country. We already knew that. But when you start to put some actual numbers together, it really starts to get staggering. Sifting through the National Post, I came across the story of Rami Nader and his wife Andrea. The couple are in their early 30s and they were looking to buy a modest two-storey house. And then they realized that they couldn't possibly afford it.

It's not like they're poor either. Rami is a psychologist in private practice, so he's got to be making some decent money. His wife works too -- the article doesn't mention her occupation -- but she just happens to be pregnant at the moment.

The average price for a standard, two-storey house in metro Vancouver is now $726,000. In order to qualify for a mortgage of that size, a household must earn about $150,000 a year, nearly three times the median household income (as of 2004) of $56,200. What's more, to get a mortgage of that size, you'll need to fork out a 25% down payment, representing a minimum up-front cost of $181,500.

It looks like we're all moving into 400 square foot studios, eh?

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And You Wonder Why No One Can Afford a House

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