A Vancouver credit union just released a report which stated that, people attempting to buy homes on the southern coast of British Columbia don’t have any resorts in the region’s suburbs when it concerns lower-cost housing.
30 municipalities in the Lower Mainland and Great Victoria were traced by Vancity during a one year period which ended on February 28, evaluating the average cost of residences in each community and comparing that with the average revenue of residents.
Vancouver became only narrowly more costly during that period, but Vancity highlighted that the difference between the housing prices and the average revenue during that period increased in the suburban North Vancouver District, where the affordability of housing decreased by almost 38 per cent.
The Canadian Press reported that, the Victoria suburb of Oak Bay and the districts of Squamish and Mission were both, 60 kilometer further away from Vancouver, also became more costly.
The report discovered a number of pockets where houses are thought to be cost effective for buyers. Some of the places identified were Chilliwack and Sooke, were purchasers must grant between 24 to 35 per cent of their monthly revenue to pay for mortgages.
“Buyers looking for affordable housing options used to be able to look to municipalities around Vancouver to find affordable options,” Vancity senior mortgage development manager Ryan McKinley said. “While pockets of affordability still exist, they are disappearing as prices in the Fraser Valley and other parts of B.C. continue to rise.”
The study motivated potential buyers to assess the cost of ownership and think about housing co-operatives or co-ownership instead of buying and getting into the money required to finish up debt or take care of other living expenditures.
It also made a formal request to the provincial government to motivate every municipality to provide a cost effective housing plan, and asked the Canada Mortgage and Housing Corp. to look at duplicating the number of cost effective residential properties it has funded in the past