Vancouver real estate: Prospects of buying a home at 'full-blown crisis levels,' report says
Those hoping to buy a home in Vancouver are facing a more challenging time than ever before, a new report from the Royal Bank of Canada suggests.
The report, released Tuesday, outlines home affordability across the country. With high interest rates, RBC says the fourth quarter of 2023 saw the "toughest time ever to afford a home."
In Vancouver, that affordability problem was even more pronounced.
"The prospects for buying a home have long been challenging in the area," RBC's report says. "They’re now at full-blown crisis levels. It’s never been as expensive to own a home anywhere, anytime in Canada as it was in Vancouver in the fourth quarter."
According to RBC, 106.4 per cent of a median income was needed to cover ownership costs at the end of 2023, which the financial institution says "means that only a select few high-income earners can afford to buy—or that considerable wealth must be amassed (or received) to put down towards a purchase."
"This significantly narrows the potential pool of buyers in the market, keeping activity soft and prices flat recently," RBC's report says. "We see little change from this in the months ahead."
For those thinking of buying a home in Victoria, the situation wasn't much better as "extreme unaffordability pressures got even worse" at the end of last year, the report says.
But in that city, new listings are trending above pre-pandemic levels, which means prices may be on a "slight downward trajectory in the near term," according to RBC.
BC United used the report to slam the provincial government on social media saying that "under David Eby's NDP, B.C.'s housing crisis is simply getting worse."
But on Wednesday, Minster of Housing Ravi Kahlon said RBC's report "highlights what we already know," saying interest rates, global inflation and "decades of no investment in affordable housing" are to blame.
Kahlon said the NDP government is addressing the affordability crisis by increasing housing near transit hubs and improving density.
"If we could flip a switch and address all the housing crises overnight, we certainly would. But we know that addressing housing takes time and it requires real reforms to ensure that we can get housing built in a quick way," he said. "The biggest challenge we have right now is interest
CTVNews.ca Top Stories
Canada Disability Benefit needs to be safeguarded from clawbacks, MPs unanimously agree
The federal government needs to safeguard the incoming Canada Disability Benefit from clawbacks and do more to ensure it actually meets the stated aim of lifting people living with disabilities out of poverty, MPs from all parties agree.
Security guard shot, seriously injured outside of Drake's Toronto mansion
A security guard working at Drake’s Bridle Path mansion in Toronto was seriously injured in a shooting outside the residence early Tuesday morning, police said.
Testifying in hush money trial, adult film actor Stormy Daniels describes first meeting Trump
Stormy Daniels took the witness stand Tuesday at Donald Trump's hush money trial, describing for jurors a sexual encounter the porn actor says she had in 2006 that resulted in her being paid off to keep silent during the presidential election 10 years later.
King Charles too busy to see son Prince Harry during U.K. trip
Prince Harry will not be seeing his father King Charles during his current visit to Britain as the monarch will be too busy, Harry's spokesperson said on Tuesday.
opinion Tom Mulcair: Turfing Poilievre from House a clear sign of desperation by Trudeau Liberals
When Speaker Greg Fergus tossed out Pierre Poilievre from the House last week, "those of us who have experience as parliamentarians simply couldn't believe our eyes," writes former NDP leader Tom Mulcair in his column for CTVNews.ca
Apple unveils new iPad Pro with 'outrageously powerful' AI-powered chip
Apple is hoping its latest iPad lineup will breathe new life into its sluggish tablet market. In a pre-recorded live streamed event from its Cupertino, California headquarters, the company introduced the latest versions of its iPad Pro and iPad Air tablets, and an all-new Apple Pencil Pro.
Katy Perry's mom was fooled by AI images of the singer at the Met Gala
Katy Perry did not attend the Met Gala on Monday, but some of the singer’s fans – and even her mom – thought she did.
Your body needs these three forms of movement every week
Movement is movement, right? Not exactly. Here’s what your body is looking for in addition to your morning walk or yoga session, according to experts.
'It looked so legit': Ontario man pays $7,700 for luxury villa found on Booking.com, but the listing was fake
An Ontario man says he paid more than $7,700 for a luxury villa he found on a popular travel website -- but the listing was fake.