Two-Storey Housing Prices Leveling Off But Still Unaffordable For Most

A new housing report has been released, and it shows that detached 2-storey housing in Vancouver has reached a plateau and appears to be poised for a slight decline. Great! Now I can afford to go looking for a nice Mount Pleasant fixer-upper, right? Not so fast. Despite a softening in the market, it still won't make potential homeowners jump up for joy as it's still the craziest detached housing market in the country. How crazy is it? The report suggests that you need to be able to live off 30% of your after-tax income to be in a position to seriously consider owning a 2-storey home in our city. Better cancel that sushi dinner on Saturday and eat Kraft Dinner instead. That's nuts, and for most, that's totally not doable. Which is exactly why the condo market continues to show no signs of slowing down, and why Bob Rennie continues to rake in the dough. And don't assume townhouses and bungalows are tapering off like 2-storey homes. Not a chance. Anything small and compact is getting more expensive because that's where much of the buyer's attention is right now.

via cnw
image wseltzer

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Two-Storey Housing Prices Leveling Off But Still Unaffordable For Most

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