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Vancouver's housing market a bit more affordable: report

VANCOUVER (NEWS1130) – It’s just a bit more affordable to buy a home here, but still more expensive than anywhere else in the country.

The latest affordability report by RBC finds Vancouver is slightly more affordable; prices are down as are resales.

But Tsur Somerville at UBC’s Sauder School of Business says first-time buyers are still having a tough time.

“Fundamentally, unlike other areas of the country, the first-time home buyers here have to go to condos and townhouses.”

Though report finds an improvement for the second straight quarter in BC, Somerville thinks we’re still far from seeing a less stressful market.

“Anything that helps is a good thing, but I don’t think we should somehow get in our minds all of a sudden that house prices and incomes here are going to match what they are in Saskatoon.”

It notes much of the cooling that took place in BC is related to the market in the Vancouver area.

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If citizenship requirements weren’t an issue, I’d be off to San Antonio, TX. Beautiful city. 3000 sqft houses around $265k. No state income tax.

February 25, 2013 at 3:12 pm
    James

    I’m one step ahead of you. I just purchased a new 4 bedroom home with quarter an acre in the suburbs outside of Dallas, It’s so beautiful there. Close to everything! Cost? Get ready.. $230,000 !! Better than any dump here in the metro area. After extensive research, this is the prime place to live and raise a family. To get the same here I would pay $800,000 or so. This is my ‘F’ you to BC and their garbage government and scam system and gouging etc… All you losers who don’t fight for change, I hope you enjoy living and suffering in BC. I fought for 15 years to make it better watching as lazy people did nothing. now I sold my home and heading south with a nice nest egg and a decent job waiting. It’s not hard to do, anyone can do it if you have the time, research and smarts. Our immigration to the USA was approved rather smoothly!! I welcome any of my BC neighbors to come on down! You will see the world DOES NOT rotate around BC.

    February 25, 2013 at 3:43 pm
    31313

    Take your pick, anywhere down south (except San Francisco) would be better than here – price-wise. I’m thinking it’s looking better to invest down south and have a place to retire, than to be saddled in debt til you’re dead (no hope of paying off the place before retirement)

    Renting and saving money towards real estate down south is getting more tempting day after day.

    February 25, 2013 at 9:36 pm