Affordable Housing: Are we Ready to Discuss Real Solutions?

Mike Lewis's picture

It’s a sad case. In Vancouver a 50-foot lot on the west side with a single family home was only $1.2 million a year ago. Today it is $1.65 million. For the somewhat less pricey average two story Vancouver home, it would take 94% of the average families household income.

As for apartments, a small, 2-bedroom downtown went from $542,000 to $610,000, less than half the average house but still completely unaffordable for an average income family. Since the 1970s, real household incomes increased by 9% while the price of a condo has gone up 280%.