The Southern coast of British Columbia, as reported by a Vancouver credit union, posed no threat for prospective buyers due to the recent drop in housing prices. Although the availability of loans were still open, looking for aid was no longer necessary owing to the low cost of housing, stated the report.
Vancity had been following market trends in over thirty boroughs in the Greater Victoria and Lower Mainland for 12 months and ended this February, the 28th. In its research, Vancity compared the average housing prices to the median income of the residents in each community.
Spreading out to a period in time, Vancouver turned out to be a little less inexpensive. Following the upsurge in the environs of North Vancouver District between the median income and the cost of housing, Vancity began to take note and even realized that affordability had decreased to 30%.
The Canadian Press also articulated in a report that affordability had decreased immensely in the districts of Squamish and Mission and the Victoria hinterlands of Oak Bay, just about 60 kilometers from Vancouver. Despite the above statement, the report further noted that there had been a couple of areas where prices were termed affordable which include, Sooke and Chilliwack. Although a 24 to 35 % is levied on their monthly salaries for mortgage.
A Senior Mortgage Development manager at Vancity, Ryan Mckinley, insinuated that affordability in and around the Vancouver municipalities was minimal for buyers scavenging for homes. Although these few affordable homes existed, they were vanishing quickly because of the increasing prices around the British Columbia municipalities.
In a broader prospect, the studies encouraged buyers to opt for co-ownership or cooperatives. This will help them pay their owed debts and minimize the risk of spending more and getting higher into debt.
All municipalities in a petition to the provincial government, in the study, further indulged the acquiescence of the government to boost the building of affordable housing plans. The Canada Mortgage and Housing Corporation was also invited to double the amount of affordable housing properties it had funded previously.
J C Loum