Quote:
Originally Posted by Wentworth
Been a while since I've looked at the affordability graphs in this RBC report. Pretty crazy.
|
The graph was really telling, and speaks oodles, particularly for Vancouver.
As an aside, I also of course noticed how condos are shown to cost way less of a household's income. I wanted to highlight that the report, which I just finished reading, did not account for the fact that on average a condo owning household makes less than the average detached house owning family. When normalizing for this, the difference between these two diminishes greatly. The other item that was not considered was condo fees. While some proportion of condo fees go towards utilities, another proportion goes towards common amenities, and certainly that portion, such as the need to heat hallways, service elevators, etc. needs to be considered when looking at proportion of costs required to live in such a dwelling.