According to a recent report by a Vancouver credit union, it noted that potential home buyers on the southern coast of British Columbia have no more options in the province’s suburbs in terms of cheaper home price. Markets in 30 metropolises in the Lower Mainland and Greater Victoria were followed up by Vancity over one year that ended on February 28, measuring the average price of housing in each municipal and likened that with the average income of tenants.
Over the period, Vancouver became slightly more expensive, however, Vancity mentioned that the difference between the price of housing and the average pay in the time covered expanded in North Vancouver District residential area, where housing affordability went down by nearly 38 per cent. Other areas that have become less affordable as reported were the district of Squamish and Mission and the Victoria suburb of Oak Bay, which are farther than 60 kilometres from Vancouver.
Some compartments were noted in the report where homes were cheaper for buyers, which includes Sooke and Chilliwack. About 24 to 35 per cent of the buyers’ monthly pay should be given to have their mortgages taken care of. Ryan McKinley, the senior mortgage development manager of Vancity said; “Buyers looking for affordable housing options used to be able to look to municipalities around Vancouver to find affordable options. While pockets of affordability still exist, they are disappearing as prices in the Fraser Valley and other parts of B.C. continue to rise.”
Potential buyers were encouraged to have the cost of ownership looked at according to the study and ponder on housing association or co-ownership instead of buying and using up the money needed to take care of debts or manage other living costs.
An appeal to the provincial government was made to reassure each municipality to come up with a reasonable housing plan and questioned the Canada Mortgage and Housing Corp. to suggest magnifying the density of cheap housing properties it has put money into before.