Affordability Sunshine

Here’s a little bit of sunshine

Slight Improvement in ’08

RBC Economic gurus are saying that Housing Affordability will improve in 2008. 2007 saw the roof blown off the nationwide afford-ability indexes.

2008-affordability1.jpg

Derek Holt says that “almost every house class in every province and major city saw affordability deteriorate.”

How is this positive outlook reached.

Quoting RBC:

“Affordability measures the proportion of pre-tax household income needed to service the costs of owning a home. Across the country, the standard condo, remained the most affordable housing type, requiring about 30% of pre-tax household income. A standard townhouse was next at 34%, followed by a detached bungalow at 42% while a standard two-storey home remained the least affordable housing type at 47%.”

RBC is predicting that resale house prices will see an increase of 5% to 7% in 2008. In B.C. 2007 saw uncharted afford-ability matching 1985 when RBC first started tracking this trend.

Got a Vancouver Real Estate question? I’ll do my best to answer it. Call or send me an email. Larry

Courtesy RBC Economics, Derek Holt

About Larry Yatkowsky

Larry is a recognized real estate expert. A veteran professional, his experienced counsel leads Vancouverites in his west side community to place their trust in a man passionate about his work. Uncompromising ethics bring a balanced approach to realizing your real estate dreams.

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*Disclaimer: Statistics Courtesy REBGV. While believed to be accurate they are not guaranteed.
**Numbers provided may vary as they are dynamically posted by the REBGV.

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