$7 out of every $10 earned goes towards mortgage payments in Victoria: report
Homeowners in Vancouver are putting almost all of their income into paying down their mortgage – and the affordability crisis isn’t much better outside the major B.C. city – a new housing report suggests.
The report shows that home owners in Vancouver needed almost 96 per cent of median household incomes before taxes to cover the cost of their mortgages in the fall of 2022. This included principal and interest, property taxes and utilities at current market prices. Victoria’s unaffordability has also hit a new high, or low, depending on your perspective. Home-owners in the provincial capital needed almost 72 per cent of their household incomes to cover the costs of home-ownership, a record high and almost 10 points above the Canadian average of 62. In Victoria, buyers need at least $216,000 to qualify for mortgages.
Karin Kirkpatrick, shadow minister for housing and MLA for West Vancouver-Capilano, said the report clearly show that affordability in B.C. is only getting worse, despite promises from the province. A statement from the housing ministry to Black Press Media points to a part of the RBC report blaming the Bank of Canada for making it “a lot harder to buy’? homes while acknowledging the issue. “
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