Most non-homeowners in Vancouver think they’ll never be able to afford a home

Despite a slowdown in the Vancouver housing market, a majority of non-homers in Vancouver and Metro Vancouver say they will never be able to own a home or residence in the city where they live.

“I just got approved for a place in Coquitlam because I can’t afford Vancouver,” one Metro Vancouver resident told The Leader Spirit.

“I understand for young people it’s very difficult to buy a home because costs are so high,” said another resident.

According to a new public opinion poll by Canada Pulse Insights for The Leader Spirit, among those who do not already own a home across Vancouver or Metro Vancouver, 84 per cent say they will never be able to.

They note high prices as the main barrier to homeownership.

While only 16 per cent of respondents believe that homeownership is actually in their future.

These numbers are not shocking to relator Dave Masson, as the city itself is one of the most expensive in North America.

“The cost of living has gone up, the taxes are through the roof, and obviously, the interest rates are not where they were in previous years,” said Dave Masson, real estate agent.

“The interest rates are still trending downwards, but I think right now, when you look at the borrowing costs of living, the tax implications of living in B.C. and Vancouver, it’s quite a challenging thing for a lot of people.”

Masson notes that the average family home in Vancouver is about $1.9 million, whereas the entry-level condo is sitting at around the $700,000 mark.

While homeownership might seem unattainable for most respondents, mortgage broker Jessica Kuan says first-time home buyers could be surprised with what’s possible – starting small and exploring preapprovals.

“When we actually do the pre-approval and sit down with the clients and we do the calculations, it is actually feasible to a lot of buyers out there,” Kuan told The Leader Spirit.

Two-thirds of residents say immigration reason for high housing costs

“We have worked with people who said they are maybe going to buy in five years, ‘I just need to know what I need to do,’ and then we sit with them, and we realize that they can actually purchase very soon.”

85 per cent of respondents – both homeowners and non-homeowners – believe conditions are bad or terrible when trying to access a home that is affordable.

Those affordability concerns stretch to rental units as well – with eight in 10 residents polled saying access to affordable rental units is bad or terrible, while only 20 percent describe the rental market as good or great.

“I think the only way we could do it is because we are dual-income and no kids,” said one resident.

“It’s not very accessible for the average person, and incomes are pretty low compared to housing prices here,” said another resident.

“Yeah, the prices have gone way out of control, I think,” said a third.

Polling from the same survey found that about two-thirds of residents believe a booming population brought on by immigration is the reason behind the affordability issues when it comes to owning a home, rather than developers and landlords seeking profits.