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Most cities provide "reasonably affordable" housing, with one exception

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The Royal Bank of Canada recently reported that while most cities provide "reasonably affordable" housing, there is one HUGE exception to the rule. So, who’s tipping the scales? Our western friends, Vancouver!


As quoted in the Globe and Mail:

 

"The Greater Vancouver Area directly accounted for one-third of the deterioration in affordability at the national level since the beginning of 2011. The average family buying a house in the city would need to dedicate 92.5 per cent of its income to own a bungalow."

In short, if you find yourself living in Vancouver, making an average income, you probably can’t afford all that much. But, look on the bright side, the remainder of the country didn’t fare quite as badly. Bungalows rounded out the study with the following percentages of pre-tax income in their respective cities:

  1. Toronto: 51.9% (increased 2.0%)
  2. Montreal: 42.6% (increased 1.4%)
  3. Ottawa: 41.2% (increased 1.3%)
  4. Edmonton: 33.8% (increased 0.6%)

The Royal Bank of Canada recently reported that while most cities provide "reasonably affordable" housing, there is one HUGE exception to the rule. So, who’s tipping the scales? Our western friends, Vancouver!


As quoted in the Globe and Mail:

"The Greater Vancouver Area directly accounted for one-third of the deterioration in affordability at the national level since the beginning of 2011. The average family buying a house in the city would need to dedicate 92.5 per cent of its income to own a bungalow."

 

In short, if you find yourself living in Vancouver, making an average income, you probably can’t afford all that much. But, look on the bright side, the remainder of the country didn’t fare quite as badly. Bungalows rounded out the study with the following percentages of pre-tax income in their respective cities:

  1. Toronto: 51.9% (increased 2.0%)
  2. Montreal: 42.6% (increased 1.4%)
  3. Ottawa: 41.2% (increased 1.3%)
  4. Edmonton: 33.8% (increased 0.6%)

 

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