Why Vancouver is Getting So Unaffordable by Geraldine Santiago Realtor ® and Published Author
In a 2017 report by 2013 Nobel Laureate economist Robert Schiller titled, “Why Cities are Getting So Unaffordable”, Schiller cited 92 cities whereby affordability was measured by real estate prices to income ratio. Hong Kong was shown to be the least affordable with the ratio of 18.1, Sydney at 12.2 and Vancouver at 11.8.
Interestingly enough, according to this report, cities such as New York, Montreal and Singapore were quite ‘affordable relative to incomes”. New York’s price to income ratio was 5.7, Montreal and Singapore at 4.8.
Using satellite data for major US cities, the study was confirmed by economist Albert Saiz of MIT, stating that ‘tighter physical constraints- such as bodies of water or land gradients that make properties unsuitable for extensive building tend to correlate with higher home prices.” Vancouver’s topography is such that it is unsuitable for extensive building in these two areas--bodies of water and mountains to the north.
So how do we address densification, affordability challenges in our city? Is land assembly an option? Attend our land assembly seminar on Saturday, September 8th. Go to www.landassembly.me