It's becoming increasingly expensive to own a home, according to a recent report by RBC Economics.
Because of rising mortgage rates and housing prices in 2007's second quarter, the report states that home ownership in Vancouver now absorbs an increasingly large percentage of household income:
for a two-storey home: 68%;
for an average detached bungalow: 65%;
for a standard townhouse: 48%;
for a condo: 34%.
The report noted that to deal with rising housing prices, buyers have been taking advantage of longer mortgage amortization periods, extending them to 40-year from the traditional 25-year terms.
Vancouver remains one of the most expensive places to buy a home, ahead of Toronto, Calgary, Montreal and Ottawa.