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.