Metro Vancouver housing is affordable. The market is stable. There is no glut of new condominiums looming. And foreign investors are not driving sales and prices higher.
I believe those are not the myths being exploded, but meant to be statements of fact at the beginning of the article. As for the ‘affordability’ issue, the cities top condo salesman says simply omit SFH and disregard the top 20% of the market and things don’t look so bad.
Rennie said media and pundits concentrate on the average price of single-family detached houses in the City of Vancouver, which consistently average in the million- dollar range, with condominiums north of $440,000. But, he said, such higher-end sales represent only 20% of the overall market.
For the remaining 80% of buyers, the average detached house is around $670,000 and the average condominium is $316,000, Rennie said.
But there seems to be some question about how that math works out. Crabman claims to have done the math and come up with a different result:
There are also 383 houses listed over $670k in East Van. When I removed the most expensive 20% of listings, the median price of the bottom 80% was $1,088,000.
And on the west side, the median price for the “cheaper” 80% of listings was $2,888,888.
But even if Crabman is mistaken and Rennie has the math correct, there’s this:
Of course, once you also exclude the top 20% of incomes, $670,000 is anything but affordable.