When your income doesn’t seem to keep up with your expenses you soon run into troubles keeping up with paying bills and making ends meet. But what happens when the housing market prices far exceed our income levels?
I came across an article this morning that claims Vancouverites are too poor to afford BC real estate within Vancouver. Furthermore the writer claims that “it’s astonishing we even try.”
I think that a lot of the main points shared in this article help to put the real estate market into perspective as well as highlight the opportunity potential of buying Langley, White Rock and Surrey houses for sale:
- Vancouver has the highest average house price in Canada but an average income below most major Canadian cities.
- The average detached house for sale in Vancouver comes in at just over $1.11 million.
- The average income in Metro Vancouver (in 2009) was approximately $41,000 and in Vancouver Proper just under $44,000.
Comparatively, the benchmark price of a Fraser Valley detached house for sale in May 2013 is $549,000 – half the price as in Vancouver – helping to better align your income with your expenses.
So with Vancouver housing prices driven by global investors where does that leave us? Are you one willing to move into the Lower Mainland and Fraser Valley to find more affordable housing?
Read the entire article for yourself: http://www.theglobeandmail.com/life/home-and-garden/real-estate/for-vancouver-housing-and-income-dont-add-up/article12436288/
Contact Natasha Taylor, your trusted Sutton BC Real Estate agent, with any of your questions by phone at 778-316-4290 or by email at email@example.com.