inrtoduction to vancouver housing

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Vancouver Housing

•Affordability is contributing to severe housing challenges for very low-income and marginalized residents seen through the increase in unsheltered homeless residents and concerns about evictions

• Rental market continues to be extremely tight with vacancy rates below 1% and increasing private market rents; in 2018 the average rent in private purpose-built apartment units was ~20% higher in vacant units than occupied units

• Housing supply continues to grow with above average starts and completions, however stock may not meet needs of all households in terms of size, tenure and affordability

• Detached home prices have fallen slightly yet remain largely out of reach for local incomes; eastside condo prices have increased 5.7% in 2018

• Rising GDP and growing labour force continues to drive demand, however mortgage rates have risen from a 10-year low in 2017 to 4.39% in 2018

Rahul Sunny answered 1 year ago

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The Housing Decision: Factors and Finances

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