A new Tyee Series by Katie Hyslop is attempting to uncover the why Vancouver is so unaffordable recently launched and has some interesting insights. The first part includes some interesting comparisons across a variety of cities. Be sure to scroll through the headline images comparing housing and prices across certain municipalities!
“Despite other commonalities, Portland has three times the space of Vancouver to house the same number of people. At 5,569 people per square kilometre, Vancouver is closer to Boston-level density than Portland’s 1,790 people per square kilometre.
Yet Vancouver’s median house price is still $156,000 higher than Boston’s at $564,477. Boston’s households have more to spend, too: their median annual income is $74,000-$20,000, or 37 per cent, higher than Vancouverites.
Curiously, despite a median housing price barely above half of Vancouver’s, Portland isn’t building or selling nearly as many homes. In fact, of the 14 cities we looked at, only Denver came close to Vancouver’s 10,000-plus home sales in 2014.
Where is the purchasing power coming from to add roughly 75 per cent to Vancouver house prices compared to its most similar North American twin? Call that Vancouver’s $300,000-per-family question.”
Read more here.