The Vancouver Life Real Estate Podcast Housing Affordability Worst On Record
Housing unaffordability is truly the worst it's ever been.
In this weeks episode we explore how home ownership cost (as a percentage of median household income) hit 60% this year, an all-time high. Considering the price of inflation, the cost of increasing interest rates and relatively stagnant wage growth by comparison, the cost of living has risen significantly.
The affordability Gap in Canada - the difference between what a home costs and what a person can afford to pay for a home has widened by 67%!
Following this bearish trend, the DOW had its worst month since the lockdown, in March 2020 and this was the worst quarter for the S&P 500 since 2009
Canadian Household debt to disposable income continues to climb, hitting a new all-time highs in August. It's now at 182%! And by comparison, our friends down south in the USA are at 100% respectively.
A recession could still largely be avoided if the bank of Canada pivots in due course but inflation data suggests that won't happen - it's still too high which ironically increases the odds of a recession with every interest rate hike from here.
Sounds bad, and while it is - there's hope as some important metrics are beginning to show signs of stabilization here in BC and Canada continues its very aggressive immigration policy adding well over 280,000 new permanent residents in Q2 alone.
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Contact Us To Book Your Private Consultation:
Dan Wurtele, PREC, REIA
604.809.0834
Ryan Dash PREC
778.898.0089
ryan@thevancouverlife.com
_________________________________
Contact Us To Book Your Private Consultation:
📆 https://calendly.com/thevancouverlife
Dan Wurtele, PREC, REIA
604.809.0834
Ryan Dash PREC
778.898.0089
ryan@thevancouverlife.com