Not sure if you have the cash to buy a new home in Metro Vancouver? Then you’ll want to try out the new UDI/FortisBC Housing Affordability Index, developed by the Vancouver Sun, the Urban Development Institute and Urban Analytics Inc.
The hope is, says Urban Development Institute CEO Anne McMullin, the tool will dispel some of the “myths and hysteria” surrounding housing affordability in the region.
“It gives us a different read and drills down a bit more to have a better understanding of what affordability is really like in the region,” McMullin told the Sun. “There’s no doubt that there are issues of affordability in certain areas. But I think, as a region, the numbers aren’t bad.”
“This study, unlike others, brings in not just income and house prices, but also factors in interest rates and amortization and looks at how that affects affordability. I think this gives a more accurate gauge of affordability in the region,” she said.
Metro Vancouver is broken down into three areas — the City of Vancouver, Inner Metro (West Vancouver, North Vancouver, Burnaby, New Westminster, Richmond, Delta, Coquitlam, Port Moody, Port Coquitlam) and Outer Metro (Surrey, Langley, North Delta, White Rock, Pitt Meadows and Maple Ridge).
The UDI/FortisBC Housing Affordability Index will be reported by the Vancouver Sun every three months. The first release:
For more on the index, read the Vancouver Sun article here.