Affordability is a problem all over BC according to this story on news1130:
The average home in BC now goes for $455,000, so affording one means a family has to pull in well over $100,000 a year. That’s a stretch considering Statistics Canada figures from 2005, when the average family took home about $65,000 a year.
I always find it interesting that these stories seldom mention prices dropping – they talk about how prices have gotten out of reach for many buyers, but never seem to connect the dots. I guess its up to outside buyers to keep our prices lofty?
Or perhaps overextended locals will stretch further to buy ‘investment’ property here. Haven’t you heard? BC is running out of land!