Vancouver seems to be getting a lot of attention right now for the disparity between house prices and incomes:
The median cost of a Vancouver home, adjusted for purchasing power parity, is US$672,000 — costly but still 15 per cent to 26 per cent below that of San Jose and San Francisco, the two most expensive housing markets, according to Andy Yan, director of Simon Fraser University’s City Program, whose study accounted for the difference in buying power of a dollar across geographies and currencies.
What pushes Vancouver to the top of the unaffordability rankings is paltry wages. In Canada’s third-largest city, the median household earns the equivalent of US$61,036 a year — in line with Columbus and less than families in Omaha, Nebraska, Kansas City, Missouri and even Lancaster, Pennsylvania, a rural community of 59,000 known for cornfields.
fortunately the solution is simple: cut house prices in half or double up current household incomes. Read the full article here.
From southseacompany: this survey claims that more than a quarter of Canadians think that another rate increase would push them into bankruptcy.
The poll comes just days before an anticipated interest rate hike by the Bank of Canada and was conducted on behalf of MNP, a leading Canadian bankruptcy firm, between June 15 and June 19. The same poll found that 42% of Canadians say that if interest rates rise much more their financial well-being will be put in jeopardy.
The Bank of Canada has raised interest rates three times since last summer, and investors expect the central bank will boost its target for the overnight rate to 1.5% this Wednesday (July 11).
Read the full article here.
Kabloona pointed out this article about a vacant zombie neighborhood in West Van.
Nobody’s home except dust bunnies and racoons
In one of Canada’s most expensive neighbourhoods, in hilly West Vancouver, sits a row of seemingly abandoned mansions.
Not a single person can be found on the upper north side of Highview Place on a weekday midafternoon.
Read the full article here.
When the city of Vancouver was trying to woo Amazon there was some concern that housing data would make the city look bad.
As city staff scrambled last fall to put together a proposal to woo Seattle-based Amazon to build a second headquarters here, they were faced with a major potential weakness: how to make the city attractive in the midst of a housing affordability crisis?”
“Internal email records obtained by the National Post through a freedom-of-information request show that the issue was top of mind for staff within the city’s economic development agency, the Vancouver Economic Commission, some of whom discussed leaving out certain housing data that could make the city “look bad.”
Read the full article over at the National Post.
As Dave puts it “Imagine if they were concerned about housing for locals.“
Looking for a starter home? How about this former cocaine and fentanyl packaging site?
used as an illegal substance packaging house for cocaine/fentanyl/marijuana.”
“financing may be an issue”
Only $419k (784 per sq. Foot).
Read all about it here.