VANCOUVER (January 23, 2023) – A stunning new report from the Royal Bank of Canada (RBC) shows that Vancouver is not only the least affordable housing market in the country by far, but that it is getting worse under David Eby.
“Housing affordability is one of the most critical issues facing people in B.C., and the problem is most severe here in the Lower Mainland,” said Karin Kirkpatrick, BC Liberal Shadow Minister for Housing and West Vancouver-Capilano MLA. “The RBC report clearly shows that despite the NDP’s many promises, affordability in B.C. is only getting worse. People should not need to earn $268,000 a year to afford a good home, but this is the new reality under David Eby’s NDP. With their inability to truly address the housing crisis, this NDP government has effectively ended the dream of homeownership for an entire generation.”
The RBC report says that Vancouver is “setting a new (grim) record” and that “owning a home has never been so unaffordable anywhere in Canada ever.” In 2021, a homebuyer needed to earn $200,000 to afford a Vancouver home, but with Eby as premier the qualifying income shot up to $268,000 by the end of 2022 — three times B.C.’s median household income. This is the highest affordability barrier in the country and represents a 34 per cent increase in just one year.
“Every day I hear from people struggling to make ends meet in the face of skyrocketing interest rates and out of control housing costs,” added Kirkpatrick. “British Columbians are tired of hearing this government constantly talk about housing affordability when after six years of NDP leadership it is worse than ever before. People simply cannot afford to wait any longer for David Eby and his government to make good on their promises.”