Even amid sluggish market conditions, Metro Vancouver continues to have the most expensive housing in Canada. True, falling prices, lower interest rates and modest income gains have recently improved affordability, especially for condos. But absent significant financial help from family, single-family homes remain far beyond the reach of most first-time buyers.

The Royal Bank tracks affordability across all Canadian metros. Its latest report shows Vancouver and Victoria (and Toronto) recording the largest price declines, leading to the biggest proportionate reductions in home ownership costs.

Even so, Metro Vancouver still has Canada’s most expensive homes. According to RBC’s October report, ownership costs (which assume a 20 per cent down payment and a mortgage at the prevailing five-year rate) for a single-family home consume 126 per cent of median pre-tax household income. In Victoria the ratio is 79 per cent, less daunting but still challenging for many buyers.

Condo ownership is more attainable. Purchasing a condo in the Vancouver area now absorbs 48 per cent of average pre-tax household income, down from 60 per cent in late 2023 and early 2024. In Greater Toronto the figure is 37 per cent; in Calgary, it’s just 22 per cent. With........

© BIV