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Old Posted May 8, 2014, 4:16 PM
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cheswick cheswick is offline
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Join Date: Nov 2010
Location: South Kildonan
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Quote:
Originally Posted by wags_in_the_peg View Post
cancel that, asking price $315k, 13 offers later received $386k, there is no way that Winipeg is an affordable city anymore. at lease we have great winters and springs!
Afforadability in Manitoba is pretty much on par with Sask and a bit higher than AB.

The most recent RBC affordability index has Manitoba at 38% for a bungalow, 38.6 for a two storey and 24.9% for a condo.

For comparison:
Sask: 37, 40.1, 25.5
AB: 32.7, 34.6, 19.9
Toronto: 55.6, 63.7, 33.9
Montreal: 38.8, 50.8, 30.6
Vancouver: 81.6, 86, 41

The affordability index is the percentage of income a median houshold would have to spend to service their home mortgage, taxes and utilities, assuming 25% down, 25 year amortization.

To qualify for a mortgage the max a bank will allow is 32%, so the further the number is away from 32%, the further away an average houshold is from being able to purchase a home.

MB's average since 1985 is 35.1, 36.6, and 21.2 so yes houses are getting less affordable, but probably not to the extent a lot of people imagine.

And yeah, house ownership in Vancouver is limited to the wealthy, even a condo is out of the reach of the median household.
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