How Affordable Is Your City?

[Melody]

Wow, here's a dubious honor. Like I keep saying, this is a rich person's Province and its certainly not improving. Then they wonder why all of our workers are leaving? The message is clear - if the average working Joe wants to own a home and prosper, forget BC.

Vancouver came in first in Canada and 13th of all major cities in North America as the least affordable, beating NEW YORK. Victoria, BC was the second worst in Canada.

On a scale based on how many years of a city's median annual income it takes to purchase a median priced home there, under 3.0 is considered "affordable" and anything over 5.1 is "severely unaffordable". The Canadian average is 3.2.

Vancouver scored a whopping 7.7! Victoria came in at 6.6 to secure the slot as second least affordable city in Canada. With less than three years more, Vancouver residents could live in the most expensive city - San Diego. That's right folks, you're living like a star! Doesn't it feel that way?

The most affordable Cities in Canada were Saskatoon at 2.6, Quebec & Winnipeg at 2.5 and Regina at 2.2 (tying for most affordable city in the survey). Toronto and Calgary came in at 4.4 and Edmonton at 3.5.

The report cautions that "huge additional expenditures for housing will considerably reduce purchasing power and are likely to lead to less economic growth and job creation."

In other words, we're digging our own grave. BUT rather than address it, they'll wave buh-bye to all of our educated residents and then whine about not being able to find workers who will try to keep a roof over their heads at $8/hour.:rolleyes:


Source (.pdf): The 3rd Annual Demographia International Housing Affordability Survey (http://www.fcpp.org/pdf/Demographia%20Survey%2007%20FINAL.pdf) expands coverage to 159 major markets in Australia, Canada, Ireland, New Zealand, the United Kingdom and the United States.

[Melody]

In case you want the full ranking for Canada....

In order of the most affordable:

1. Regina (2.0)
2. Winnipeg (2.5)
2. Quebec (2.5)
4. Saskatoon (2.6)
5. Ottawa (2.9)
6. London (3.0)
6. Oshawa (3.0)
8. Halifax (3.1)
9. Kitchener (3.2)
10. Edmonton (3.5)
10. Hamilton (3.5)
12. St. Catharines (3.7)
13. Montreal (3.8)
14. Calgary (4.4)
14. Toronto (4.4)
16. Victoria (6.6)
17. Vancouver (7.7)

[mixixe]

Yah... it sure does feel like Vancouver is the most expensive place to live. I was born in Vancouver and I love it. Compared to all the places I have travelled to I still like Vancouver the best. But I fear I will never own a condo or house in Vancouver :) I really don't know how ppl can afford to buy. But at the same time they aren't wasting money away buying fish ... I guess u gotta pay to live in the best city!

[Shelley]

I am a Residential Property Manager in Victoria. I cant beleave how much the rental rates have climbed in the last 3 years. Then sad part is no matter how much they go up.. there is always a line up for the suites as soon as we receive a vacating notice.

Most of the suites I manage go empty for about ummmm....12 hours between tenants, Just enought time to give them a quick paint and a sparkle.. then keys to the new tenants.

[Melody]

Everyone thinks their home city is the best....lol. A city is a city to me, for the most part, good points and bad. I prefer rural areas.

[CACAdmin]

Well, I think Vancouver is best... that's why I chose to live here (even if it costs me an arm and a leg and then some!) Here we have the ocean, the beaches, the mountains, and nature on our doorstep but with all the city amenities and to top it off a moderate climate. I grew up in Montreal... and have some fond memories of it. I have travelled from coast to coast a few times and still think this is paradise... but we are all different and have differing reasons to love the place we call home.

[Melody]

I don't love it enough to work like a slave and have nothing when I'm done, but its ok otherwise....lol. I like the city but the city doesn't love me enough to keep me here. I'd move in a minute if I didn't have the kid to consider. I'll move when he does, because at this rate he certainly won't keep his brain in BC when the time comes.

[madattiver]

thanks for this post Melody.. good to see where we rank on the list..

[Melody]

I'm glad you feel that way, because after reading it I like the idea of moving closer to you more and more. (gossips please see other post to verify intentions....lol).

[Fugu]

Comox is the best.Its the little town you drive through on the way to mt.washington.

Yeah Victoria is sooo expencive now,I paid $350 a month to live in a rotted out,bad electical,silverfish cave and they still increaced my rent!

Now I live in a 2bedroom apartment that I like.FISH ROOM!!!!!!

[Melody]

Mine went up $65 this year, bringing me to just about $940. :no:

[CACAdmin]

I'm lucky. I live in an apartment in a well maintained building where the owners see the value in long-term tenants. My rent if going up the 1st of Feb (only the second increase in 10 years). Increase of $20 mo. this time.

[Witchlight]

Wow do I ever sound like a spoiled child now. ;)
I live in london wich is rather low on the list. Were right off of downtown like a 2 min walk. Both me and my wife work downtown so its only 15 in walk to work so no parking $$ for us :D
We rent a 2 bedroom townhouse here and are surrounded by the parks and the river all for the amazing low price of ......$500. :wideeyed:
The landlord hasnt raised the rent since we moved in in 02 or 03 cant remember :confused:

[Melody]

OR I might move to Ontario - its close to my old stomping grounds. ;) That's unbelievable. My aforementioned rent is for a 2 bedroom townhouse too, and its considered low because we work off part of our rent by doing a lot of our own work. Its around 80% of the market value.

What I don't understand is that the Government picks up the slack with subsidies, which I am apparently too rich to get :rolleyes: :rolleyes: :rolleyes: :rolleyes: lol, but a lot of people do need them because there's no such thing as low income housing here... or mid-income for that matter.:rolleyes: :rolleyes: :rolleyes: :rolleyes:

My eyes are gonna stick like that...

[Fugu]

^^haha
I dont know when (or if) I am going to buy a house.I realllllyyyyyy want to get like a one bedroom house with a garage and just stuff it full of tanks!!:SwimmingFish:

[CACAdmin]

Hmmm! $500 for a two bedroom townhouse. My rent as of Feb 1st is $570 for one room (yup a bachelor suite) and it's much cheaper than most around here.

[Witchlight]

ya I have to pay hydro but still 500 and hydro for a 2 bed townhouse just off downtown near schools and the river! c'mon you cant do better that that :D