It costs the average Vancouver household nearly 67 per cent of its income — by far the biggest amount in Canada — to own a standard detached bungalow, according to a report released yesterday by RBC Economics Research.
People who want to own a two-storey home have to shell out even more — nearly 75 per cent of their income — to afford their mortgage, property taxes and utilities.
Residents in the next priciest city, Toronto, spend 57.8 per cent of their incomes on two-storey homes and 48.6 per cent on bungalows.
Robert Hogue of RBC Economics Research said home-ownership costs are rising here because demand is growing faster than supply. “Why people are willing to spend so much in Vancouver is always something I’ve wondered,” he said. “The best I can come up with is it’s such a beautiful place, people are willing to spend more to live there.”