Holy Cow-Real Estate in Vancouver has gone crazy!

Well according to an article in this weekend’s Vancouver Sun, it now costs 70% of a person’s income to pay the costs of a 2 storey home in Vancouver (68% for a bungalow).  That is compared to 43% in Toronto and 40% in Calgary .  Affordability has deteriorated to a very significant extent.  And with this week’s recent further increases in mortgage rates, this could get worse. The inability to buy a house is increasing the demand for condominiums-but those are also becoming very expensive.  Even with this great job market, salaries cannot keep up with the increases in real estate prices.