Housing in Metro Vancouver remains among the least affordable in the world.

Today, a typical household in the region must spend nearly 100 per cent of its pre-tax income on mortgage payments, property taxes and utilities for a typical home, which costs an estimated $1.51 million.

And the problem has spread to other previously affordable municipalities across the province. Many British Columbians, especially younger people, are unable to buy a home and many struggle to afford their rent or mortgage payments. Which raises the question: how much longer can this continue?

A simple problem drives B.C.’s housing affordability crisis—too few housing units are being built to accommodate the province’s growing population, which has exploded since the pandemic due to unprecedented levels of immigration.

In 2023, the province added a record-high 185,360 new residents........

© Castanet