Metro Vancouver’s housing market worsens, now pricing out even high earners: report [Video]

Getting into British Columbia’s pricey real estate market is becoming increasingly challenging for young people and singles.

As home prices continue to climb, even some high-income households are struggling to secure homeownership.

Vancity’s January Economy and Impact report is reinforcing the belief that for many Metro Vancouverites, the dream of owning a home feels increasingly out of reach. The credit union says one of the biggest issues for singles and younger buyers is housing costs outpacing income growth.

Since 2018, the average monthly household income of home-buying Vancity members increased by 27 per cent, reaching $13,300 in 2024. However, monthly mortgage payments surged more than 50 per cent, climbing to $3,400.

“These figures show that only households with substantial incomes can consider entering the housing market in Vancouver, even when they have two incomes. For those relying on a single paycheck, the income required to purchase and maintain a home in the region is likely very …