An architectural firm that recently mapped virtually all properties in Vancouver could find just 191 valued at less than $500,000. About 40 per cent were worth more than $1-million. The benchmark price for a home on the city’s west side is now more than $2-million. On the east, it’s $863,183, according to the Real Estate Board of Greater Vancouver.
In Canada, the issue is particularly acute in markets such as Toronto and Vancouver, where real-estate prices long ago made home ownership a dream for everyone except the wealthy.This is a misleading assertion. Affordability has eroded substantially in just the last decade. In Toronto, house prices have doubled since 1999 while in the same time incomes have increased 45%.