Average home price in Vancouver is 195% more than most can afford

According to a report from Rates.ca, the median household income in Vancouver is $86,000 a year, which would qualify them for an uninsured mortgage of just over $400,000. However, the median home price in Vancouver is $1.2 million, or 195% more than they can afford. B.C.'s Housing Minister Ravi Kahlon has said he hopes Metro Vancouver mayors will consider a proposal from the provincial government to incentivize a rapid increase in construction.