Author: admin
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Vancouver’s Late-Q3 Two-Bedroom Rents Squeeze Budgets
Vancouver one-bedroom avg rent in Late-Q3: ↓0.4%% MoM to $2,976 However, two-bedroom avg rent ↑0.7% MoM to $3,908. Avg salary: $63,087 Burnaby's one-bedroom rent: ↑5.7 MoM to $2,700 Two-bedroom: ↓0.6% MoM to $3,411
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Vancouver Proposes Rent Increases for Affordable Housing
Vancouver city staff recommend rent increases for affordable housing to combat shortages. The Moderate Income Rental Housing Pilot Program, launched in 2017, incentivized developers to build affordable rental housing. Proposed amendments suggest rents to ↓ 20% below the avg for Vancouver.
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Vancouver is the worst major Canadian city for housing affordability
House prices in major cities like Vancouver and Toronto have continued to rise despite nominal gains in household incomes and increasing interest rates. Reports from Ratesdotca.com show that Vancouver has the worst affordability differential among Canada’s big cities, with the median household income being only a third of what is needed to buy the average…
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Vancouver Staff Suggest Rent Hike in Affordable Housing Pilot Program
Vancouver staff recommend raising rents in the affordable housing pilot program. The amendment suggests raising rents to 20% below the avg rent set by the Canada Mortgage Housing Corporation. The program, launched in 2017, incentivizes developers to build affordable housing in exchange for density bonuses and fee waivers.
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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…
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Vancouver housing: Cost to rent an apartment in November
Rent prices in Metro Vancouver have decreased for the second consecutive month, but they are still high. The average price for a one-bedroom, unfurnished rental unit in November was $2,362. Prices have not significantly increased compared to last year. West Vancouver has the highest rental prices, followed by the City of Vancouver and North Vancouver.…
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Canada Supports More Affordable Housing in Vancouver
Canada, British Columbia, and the City of Vancouver jointly allocated ~$91M for a new affordable housing project in Vancouver.The project will feature a 17-story building with 154 residential units and commercial space. The building design prioritizes energy efficiency, meeting passive house standards, and employs mass timber construction to reduce carbon emissions.
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Vancouver Plans 29,000 Homes in 5 Years
BC Government has ordered the City of Vancouver to add 28.9K new homes over the next 5-yr to address housing affordability.The target includes 8K ownership homes and 20.8K secured purpose-built rental homes, among other units. Specific unit size mix requirements are set, including studio, 1-bedroom, 2-bedroom, and 3 or more bedroom units.
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Metro Vancouver’s Housing Data Signals Market Shift
Mid-month data from REBGV suggests a potential shift in the housing market in favor of buyers. There have been 2.9K new listings in mid-September, which is higher MoM. Housing sales ↓ MoM to 896 as of September 15, but slightly ↑ yearly.
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Home prices far exceed income in Vancouver: report
A report from rates.ca has found that the gap between the average home price in Vancouver and what the average earner can afford is widening. The median after-tax household income in Vancouver is $86,988, which would allow for a $347,000 house with an insured mortgage of $329,650. However, the average home price in Vancouver is…