Headlines regularly tell people that Vancouver is among the least affordable cities in the world. But often they don’t tell the full story — that while the city of Vancouver is a pricey place to be a homeowner, the suburbs still have home prices that are affordable to most families.
Today, The Vancouver Sun introduces the UDI/FortisBC Housing Affordability Index, a new way to look at housing prices that provides a clearer, more specific picture of affordability across Metro Vancouver. The index was developed by a partnership of The Sun, the Urban Development Institute and Urban Analytics Inc. over the past three months.
Anne McMullin, president and CEO of the Urban Development Institute, said she thinks it may dispel some of the “myths and hysteria” that are sometimes heard about housing.