Housetrapped:

The growing inability of Metro Vancouver families to move out of starter homes

Highlights
The bulk of affordable housing in the region is unsuitable for growing families, and where suitable units do exist,
they are rarely available for purchase at a price that will facilitate long-term financial health.
In August 2015, of all Metro Vancouver sales:
38% were detached properties with a benchmark price of $1,159,600, requiring a minimum down payment of
$231,920 (20% down payment required on properties over $1 million) and annual household income of more
than $159,150 to be affordable.

17% were attached properties primarily townhomes with a benchmark price of $511,500, requiring a
minimum down payment of $25,575 (5%) and annual household income of more than $86,364.

45% were apartments with a benchmark price of $405,400, requiring a minimum down payment of $20,045
(5%) and annual household income of more than $68,438.

In 2014, median total income for Millennials in Metro Vancouver was about $32,746, translating to an annual
household income of $65,492 for dual-income families.
National Occupancy Standards indicate three bedrooms is optimal for most families, with two children; 78% of
Millennial families are planning on two or more children.
Most apartments and condominiums the most affordable option are not suitable for families:
In 2014, of the 212,668 apartment units in the total Metro Vancouver housing stock, 91% were two bedrooms
or less.

In 2014, of the 688,000+ housing units in Metro Vancouver, only 11,377 (1.7%) were three-bedroom condos; of
these, only 961 came on the market last year 0.14% of overall inventory.

Of the entire inventory in Metro Vancouver, three-bedroom attached properties (a townhouse or row house that
provide access to a yard) are only 9% of housing stock.
Three-bedroom attached properties had a turnover rate of 9.5%, meaning that only 0.86% of all the housing stock
in the region is both suitable and available for purchase by these families.
Millennials who already own a one-bedroom apartment or condo and want to upgrade to three bedrooms with
access to a yard would need to take on an additional 95% of debt.
As of July 2015, of the 27,044 units under construction in Metro Vancouver, only 9% (2,503) were attached units.
This report offers recommendations to address the imbalance of housing stock, enabling families to free
themselves from their house trap and take the next step on the housing ladder.
Governments should focus on encouraging supply through incentives for developers, inclusionary zoning and
partnerships to support shared-equity co-ops.

Real estate developers and businesses should participate in public policy discussions, lead industry-level
assessments and introduce reciprocity programs.

Families should consider alternative locations, living styles and flexible ownership options.

Make Good Money (TM) is a trademark of Vancouver City Savings Credit Union.

A closer look at family housing

This report, the third in Vancitys Affordable Housing series,

takes these variables into account. Using data on the entire
housing stock of Metro Vancouver as well as recent sales
numbers, this report shows that the bulk of affordable
housing in the region is unsuitable for growing families. It
also shows that, where suitable units do exist, they are rarely
available for purchase. This combination of factors means many
young families cannot purchase a suitable family home at a
price that will facilitate their long-term financial health. Finally,
this report presents potential solutions to provide affordable
housing for families who need room to grow and live.

Defying collective belief, continuing price increases in Metro

Vancouvers real estate market have done little to cool off
buying and selling. Residential property sales totaled 3,362 in
August 2015, a 21% increase over the previous year and 28%
above the 10-year sales average for the month.1
While many express concern over the lack of affordability
created by rising housing prices, others suggest a small
number of high-end properties are driving the increase and
that rising averages do not necessarily mean unaffordability
at the lower end of the pricing scale.2

Suitability: growing families,

growing homes

For example, of all Metro Vancouver sales in August 2015:

38% were detached properties with a benchmark price of
$1,159,600, requiring a minimum down payment of $231,920
(20% down payment required on properties over $1 million)
and annual household income of more than $159,150 to be
affordable.

The proto-typical family home is a common and important

second stage in the financial and social life of North Americans.
The first stage, or starter home, provides a base from which
to grow relationships and financial assets. The upgrade to a
second-stage family home provides a nest to raise a family
and nurture community and, because it is generally owned for
the longest time, is the familys largest investment. Third stage
occurs when seniors often downsize into a retirement home
that allows for more manageability and frees up cash. For the
last number of decades this progression has been a key pillar
for growing family assets and savings.

17% were attached properties primarily townhomes

with a benchmark price of $511,500, requiring a minimum
down payment of $25,575 (5%) and annual household
income of more than $86,364.
45% were apartments with a benchmark price of
$405,400, requiring a minimum down payment of $20,045
(5%) and annual household income of more than $68,438.3

But this progression is threatened. Even if young families

in Metro Vancouver own their starter home, this report
indicates that they may be trapped with no ability to
upgrade. As noted in Downsizing the Canadian Dream:
Homeownership Realities for Millennials and Beyond, the
jump up from a condo will soon be out of reach, with many
condo owners finding themselves financially stuck in their
starter.5 The current housing market lacks homes that are
affordable, suitable and available, and this situation will cause
more young families to be housetrapped as time goes on.

As a result, many point to apartments and townhomes as a

logical option for buyers looking for affordable housing.
However, it is debatable how affordable a $400,000
property is for many working people and an equally
problematic issue lies hidden behind this sort of housing
price measure. To maximize density, developers are
increasingly turning to smaller and smaller units. The
growing trend of micro suites units that can be in the 300
square foot range is starting to take hold.4
Micro suites may be a short-term solution to get into the
market for a single person who is using public spaces such
as coffee shops and parks for traditionally home-related
functions, but they are likely not suitable for other people
for instance, young families with children or planning to
have children. In addition to increasing prices, an additional
challenge is the lack of suitable housing, particularly as it
pertains to young and growing families. Higher density is
a good thing, but as much as possible it should include
options for young families, rather than exclude them.

Vancity Affordable Housing Series:

Downsizing the Canadian Dream:

Homeownership realities for Millennials

and beyond
Help Wanted: Salaries, affordability and

the exodus of labour

Housetrapped: The growing inability of

What is missing from current analysis of Metro Vancouvers

real estate market is the lack of suitable housing for a broad
range of citizens, including families. A true assessment of the
current environment as it pertains to families must go beyond
the sale price numbers to include other vital measures such
as the type and volume of available housing inventory.

Metro Vancouver families to move out

of starter homes

In Metro Vancouver, limited land resources make building

new single-detached homes a challenging prospect.6 In
addition to land limitations, affordability projections show
that by 2030 the average home will be financially out of
reach for the vast majority of local residents. Vancitys
previous research found that while the affordability of
detached homes is moving further and further out of the
reach of the average household, condominiums will become
a more common and desirable way to achieve the dream of
property ownership.7

Data is not available to assess what might be planned for

those immigrating to Canada or for Millennials who may be
in same-sex families or other forms of family and gender.
These trends present a demographic challenge to current
housing development priorities. Although condominium
units may provide good return and a relatively affordable
entry point for some singles or couples, they are not
suitable for many families. CMHC defines suitable housing
as enough bedrooms for the size and make-up of resident
households, according to National Occupancy Standard
requirements. 14

This projection is confirmed by developer priorities. Reports

from Canada Mortgage and Housing Corporation (CMHC)
show that construction is grossly weighted toward higher
density: of the roughly 27,000 dwellings currently being built,
75% are apartment dwellings, 16% are single-detached homes
and 9% are attached (e.g., row houses, townhomes, etc.).8 The
emphasis on construction of apartments and condos versus
new single-detached and attached housing is why some
argue that condos are still affordable. After all, price increases
for condos have remained dramatically below average over
the last 10 years, increasing in value by 43% whereas singledetached homes have risen 126% in value.9

For the 78% of Millennial families planning on two or more

children, it is unlikely a one- or two-bedroom arrangement
will meet their needs for very long. According to the
National Occupancy Standards, three bedrooms would be
optimum for most families with two children, unless the
children are able to share a room. For a three-child family,
at least three bedrooms will be required. Given the size of
most apartment and condominium bedrooms, this would
require compromises many families are unlikely to make.

Affordability: a missing rung in the

property ladder

Yet the suitability of apartments and condominiums for

families is debatable. In 2014, of the 212,668 apartment
units in the total housing stock, 91% were two bedrooms
or less.10 However, 62% of families in Metro Vancouver have
children,11 and they will most likely find two-bedroom (or
smaller) apartments inadequate for their needs, as will be
shown below. As the Millennial generation raises families,
this imbalance is expected to persist further trapping
these families in unsuitable housing.

If a three-bedroom unit is considered the typical home for the

majority of young families, the status of this type of housing
is a vital aspect of the health of the local housing market.
However, the question is, even if young first-time homebuyers
can afford to get themselves onto the property ladder with a
smaller condo unit to start, will they be able to climb the next
rung into a suitable family home? Will that affordable starter
home become the unsuitable forever home?

Living requirements for modern families

As reported by the Real Estate Board of Greater Vancouver,

the benchmark price of a single-detached home in Metro
Vancouver jumped to $1,159,600 in August 2015 a 17.5%
year-over-year increase.15 For the mortgage payments on
a house in this range to be affordable, a household would
need a minimum down payment of $231,920 (20% down
payment required on properties over $1 million) and annual
household income of more than $159,150.16 This is highly
unlikely for a young family where both earners are under the
age of 35, and in a region where minimum wage is $10.25/
hour and even the Living Wage (currently $20.68 for Metro
Vancouver) would only bring in a combined annual income
of under $70,000 into that household.

Considering families in light of the real estate market is

important. According to the 2015 Genworth Canada FirstTime Homeownership Study, 42% of first-time buyers have
a family and another 34% plan on starting one in the next
five years.12 Added together, 76% of first-time buyers are at
least somewhat family conscious and it follows that they
will be thinking about space requirements either now or in
the near future.
Furthermore, BabyCenter Canadas 2014 Millennial Mom
Report found that the average family size is set to get
larger.13 Of Millennial moms, 45% plan to have two children
and 33% are planning for three or more. This is a marked
shift towards larger families from the Gen X mom, who
reported 49% and 24% respectively. Notably, only 4% of
Millennial moms said that they plan to have only one child.

If detached three-bedroom homes are an increasingly

unfeasible option for families, three-bedroom apartment units
are no better option as they are relatively scarce. In 2014, of
over 688,000 housing units in Metro Vancouver, only 11,377

Housing affordability threshold for typical Millennial couple

(1.7%) were three-bedroom condos. Of these, only 961 came on

the market last year a paltry 0.14% of overall inventory.17

Gross annual household income

This leaves semi-detached and row housing as the

likely scenario for growing families moving forward. For
simplicity, these two categories can be combined into
one: attached housing.

$65,492

Monthly payment

$1,733

Interest rate

As noted previously, attached housing is significantly lower

priced than detached: $511,500 in comparison to $1.2 million.
Even so, there are significant affordability challenges for
young families.

2.690%

Amortization period

25 years

Down payment (5%)

$19,200

Mortgage amount

$378,844

Mortgage default insurance

First, although attached housing is cheaper, benchmark prices

remain unaffordable for the typical Millennial couple. In
2014, median total income for the 25- to 36-year-old cohort
in Metro Vancouver was about $32,746.18 For a dual-income
household, this translates into an annual figure of $65,492. If
they chose not to overextend themselves on real estate debt
(maximum 32% gross debt service ratio), this family could only
afford a monthly mortgage payment of $1,733. If they had a
5% down payment, this translates into a purchase price of
$384,000, more than $125,000 below the benchmark price for
attached units in Metro Vancouver.

$14,044

Net mortgage amount

$364,800

Purchase price

$384,000

Note: calculation does not include heat, property taxes and strata fees.

Second, even if a couple has some equity built up in a first

home purchase (a one-bedroom condo), the economics are
still tight. To upgrade from one to three bedrooms (attached
category), a homeowner is now required to take on an
additional 95% of debt.19 For instance, if their one-bedroom
starter is valued at $250,000, a suitable three-bedroom unit
will typically require them to increase their property value,
likely with new debt, by another $237,500.
As is to be expected, specific Metro Vancouver communities
differ from a region-wide average. For instance, home
ownership in Maple Ridge and Delta requires relatively
reasonable additional debt levels for a three-bedroom unit:
58% and 53%, respectively. At the other end of the spectrum,
Vancouver, North Vancouver, West Vancouver and Coquitlam
all require more than 100% of additional investment (see chart).

Percentage increase in property cost (value) required to increase number of bedrooms by city, 2014
164%

158%
139%

135%
117%
101%

89%

89%

46%

83%

86%

83%

74%

68%

60%

59%

58% 55%

91%

67%

37%

34%

38%

38%

22%

29%

65%

58%

53%

52%

38%

78%

37%

42%

6%

5%

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Source: Analysis of 2014 BC Assessment data from Landcor Data Corporation

% increase from 2 to 3 bedrooms

Availability: low turnover for

suitable family homes

There are many reasons, including the lucrative nature

of land holding and speculation, that the lack of stable
family housing is not being addressed by the market. As of
July 2015, of the 27,044 units under construction in Metro
Vancouver, only 9% (2,503) were attached units.20 This
imbalance in stock needs to be addressed if families are to
be able to free themselves from this housing trap and take
that next step on the housing ladder.

In addition to affordability, inventory poses an equally difficult

hurdle that threatens to trap families in their starter home.
Of the entire inventory of properties in Metro Vancouver,
three-bedroom attached properties are relatively scarce: only
9% of housing stock. The city of Vancouver, New Westminster
and White Rock have especially low figures in the 1.6 to 4.9%
range. The highest is Port Moody at 20.2% an indication that
this community may be particularly family friendly. Given this
data, it seems Port Moody is ahead of the curve in developing
its housing stock (see table).

Equity co-ops as a solution

There has been lots of debate lately about ways to
address the Metro Vancouver affordability crisis and many
solutions have been posed including those contained in
the recommendations of this and other reports in Vancitys
Affordable Housing series. One potential solution, which
hasnt received much attention in recent years, can be found
in Metro Vancouvers past: housing co-ops.

While inventory remains low Metro-wide, a complicating

factor is the slow turnover of these units. In the case of young
families who can afford to purchase a three-bedroom attached
home, its highly unlikely they could find one for sale. Turnover
rates in the category are in the high single-digits: an average of
9.5% for Metro Vancouver. This means that only 0.86% of all
the housing stock in the region is both suitable and available
for purchase by these families (see table).

There are two basic types of co-op housing: equity co-ops

and rental co-ops. Because this report is looking at home
ownership for Metro Vancouver families, it will focus on
equity co-ops as they allow people to have a significant
marketable interest in the property. Rental co-ops do not
provide an equity-building framework, but do allow families
that rent to have collective control over their homes, which
is a worthy topic for another report. However, despite the
opportunity to address home ownership, equity co-ops are
not prolific. Vancity is aware of about 50 equity housing
co-ops in Metro Vancouver.

Percentage and turnover of three-bedroom attached

properties in Metro Vancouver, 2014
City

3 bedroom
attached, as % of
all housing stock

3 bedroom
attached, as % of
all inventory sold

Burnaby, City of

9.1%

7.4%

Coquitlam, City of

9.8%

8.9%

Delta, Corporation of

5.3%

10.5%

Langley, City of

6.6%

9.0%

Langley, Township of

11.3%

10.8%

Maple Ridge, District of

9.6%

11.1%

New Westminster, City of

3.3%

14.3%

North Vancouver, City of

10.0%

7.3%

North Vancouver, District of

7.2%

6.3%

Pitt Meadows, District of

10.7%

7.8%

Port Coquitlam, City of

13.4%

8.5%

Port Moody, City of

20.2%

7.8%

Richmond, City of

16.6%

8.3%

Surrey, City of

13.3%

11.7%

Vancouver City, East Side

4.9%

8.5%

Vancouver City, West Side

2.6%

8.5%

West Vancouver, District of

2.9%

8.4%

White Rock, City of

1.6%

17.2%

Metro Vancouver

9.0%

9.5%

Equity co-ops
Equity co-ops are similar to strata condominiums and
townhouses. The main difference is, instead of owning the
home you live in outright, you own a share in the overall
co-op corporation that owns the housing, and the
ownership of that share entitles you to occupy your home.
One type of equity co-op is called a shared-equity co-op.
One of the benefits of the shared-equity model is that
capitalization of the building can be split between the
corporations balance sheet and the buyers. More
specifically, the purchase price of a unit is likely to be lower
since the co-op corporation itself can carry some of the
capital, therefore splitting the capitalization of a unit
between an individual mortgage and the debt or equity that
is on the corporations books. Even more interesting given
the intense upward pressure of the current market, equity
co-ops may incorporate mechanisms that restrict the sale
price to help maintain a balance between long-term
affordability and individual equity.
However, equity co-ops face challenges. Though common in
New York and other North American markets, they are not as
common here and markets are resistant to unfamiliar structures.

Source: Analysis of 2014 BC Assessment data from Landcor Data Corporation

 Inclusionary zoning: Use inclusionary zoning to increase

the availability of family-friendly housing. Zoning bylaws
should stipulate developers must include permanently
affordable, three-bedroom or more housing in multihousing developments, and allow them to work creatively
with community partners to achieve this goal.

In addition, under current regulations, the entire equity

co-op building is owned by a company (essentially all coop residents), with each individual owner having a share
certificate. Financial institutions accept the certificate as
security, which in the finance world are often earmarked with
a higher risk rating than a traditional mortgage. In addition,
CHMC will not provide insurance to cover equity co-op
mortgages, so owners have to pay a full 35% down payment.

Density bonuses: Municipalities could create density

bonuses for family-friendly, affordable housing like
apartments, townhomes, equity and shared-equity
co-operatives, and consider one-time or temporary
reduced fees and property taxes.

Over the years, these challenges along with competing

interests in a limited land base in Metro Vancouver skewed
developments away from shared resources like co-op
housing. Instead, developers have focused on housing
as an investment strategy for individuals and developers
such as condominiums. There is no denying condominiums
have been a popular alternative for many across Metro
Vancouver over the past 50 years. However, as this report
has outlined, condos are not addressing the present housing
needs of many young families and they do nothing to
protect long-term affordability of the housing stock.

Programs to support home ownership: The federal

government could create programs and incentives that help
families save towards a down payment. One example is
the U.S. Department of Housing and Urban Developments
Family Self-Sufficiency program for low-income families.
Under the program, if a familys rent increases because they
are earning more income, the rent increase is credited to an
interest-bearing escrow account, resulting in savings they
could use for a down payment.

As the region looks for solutions to our affordability crisis,

equity co-ops and shared-equity co-ops are less common
but worthy of consideration, particularly because they can
be more affordable than condos, may offer lower purchase
prices, and could help reduce the impacts of long-term real
estate speculation. However, if equity co-ops are to become
a more viable solution, some changes need to be made at
a variety of levels. See Recommendations Government
section of this report for more information.

CMHC coverage: Currently, people seeking financing for a

purchase of a co-op unit are required to provide a 35% down
payment. Part of a renewal of equity co-op legislation should
include CMHC coverage, so families who choose co-ops can
also get a mortgage with a smaller down payment.
Partnerships to support shared-equity co-ops:
Municipalities could enable third-party agencies to
administer affordable housing programs that promote
the shared-equity co-op model, as well as other
affordable home-ownership strategies.

Recommendations
As Vancitys previous reports note, there are a number of
steps that various institutional players can take to bring
back balance to the local housing market. These can be
found in the recommendations section of Help Wanted:
Salaries, affordability and the exodus of labour from
Metro Vancouver.

Repurpose public and community-owned land: There is

significant inventory of urban land owned by public agencies
and community-based organizations (e.g., churches, service
clubs, etc.). This land should be inventoried and financially
assessed to provide an overall value for potential housing
sites with family friendly, three or more bedroom homes
to provide additional affordable housing stock options.
These redevelopment opportunities could go beyond
adding homes by providing renewal opportunities for the
communities where these lands are located.

The recommendations below look specifically at how

government and business can address the lack of affordable
three-bedroom housing stock.

Governments

Incent businesses to develop workforce housing: When

large, new firms establish themselves in urban centres and
inject a significant number of new employees into the
region, there should be a strategic way of addressing their
associated demand on housing, including the needs of
young growing families into any residential plans. Incentives
to achieve this could range from developing workforce
housing as part of these companies attraction packages
to inclusionary requirements to deliver housing units
commensurate to any new office or industrial developments.

New housing development tax credits: The federal

government could implement a program of new housing
development tax credits for permanently affordable
family housing. This program should increase rental and
owned homes (including co-ops) with three bedrooms or
more by providing developers with multi-year tax credits
when they invest in housing that provides long-term
affordable housing.

 Land lease renewals: Although the focus of this report is

on those growing families wishing to purchase homes, the
reality in Metro Vancouver is some families cannot achieve
this goal. Many of these families could benefit from
renewal of existing rental co-ops located on government
lands with leases that are coming up for renewal. Renewal
of these leases by the co-ops with innovative approaches
to maintain existing family units, as well as increase density
and home size (i.e., three or more bedrooms) could
providing growing families with the space they need within
a housing co-op setting.

Home sharing as the primary owner: Consider purchasing

a home with a secondary suite, and live in the secondary
unit while renting out the main home space. Apply the
rent to your mortgage and pay it down quickly.
Co-ownership: Co-owning is an additional option for
example, two families could purchase and both live in a
home big enough for the two families. This could include
shared or communal spaces or, in the example of the
Vancouver Special, distinct units and sharing only the yard.
Explore housing co-op opportunities: While they are
relatively rare, if you can afford the 35% down payment
required to purchase into an equity co-op, they are
usually priced lower than a comparable strata unit.

Engage multiple stakeholders: Municipalities could

convene multi-stakeholder task forces, including leaders in
real estate development, to develop strategies to address
affordable housing.

Advocate for more affordable housing: In order to

develop more affordable housing stock, governments
need to create a supportive regulatory and funding
environment, which will only happen if their constituents
raise this with them directly.

Real estate developers and businesses

Participate in public policy discussions: Real estate
developers should participate in public policy discussions
about affordable housing.
Industry-level assessments: Through national and local
associations, the real estate development industry
could place an increased focus on having industry-level
discussions and assessing market opportunities to deliver
more affordable family housing.
Reciprocity programs: Real estate developers could
introduce reciprocity programs that give back a
percentage of their profits to support affordable housing
in the communities where they operate.
Employee benefit programs: Businesses could create
benefit programs that support their employees home
ownerships goals, such as a matched savings program.

Families
While the government and business recommendations
focus on longer-term solutions, here are some short-term
strategies for young families who want to pursue home
ownership:
Purchasing a semi-detached structure: Rather than
setting their sights immediately at a single-detached
home, consider buying a townhouse or row house, which
can offer individual outdoor space similar to a detached
home, but at a more affordable price.
Consider a more affordable neighbourhood: If
purchasing a home with outdoor access in your
community is still out of reach, it may mean moving to
a less populated area of Metro Vancouver with public
transit access, where both attached and detached homes
are more affordable.

References
1. Real Estate Board of Greater Vancouver, Competition continues to drive Metro Vancouvers housing market, September 1, 2015.
www.rebgv.org/news-statistics/competition-continues-drive-metro-vancouvers-housing-market
2. British Columbia Real Estate Association, Market Implications of Foreign Buyers, June 2015.
www.bcrea.bc.ca/docs/economics-publications-archive/2015-06-foreign-buyers-research-report.pdf
3. Real Estate Board of Greater Vancouver, Competition continues to drive Metro Vancouvers housing market, September 1, 2015.
www.rebgv.org/news-statistics/competition-continues-drive-metro-vancouvers-housing-market
Calculations based on a 32% gross debt service ratio, 5-year fixed rate of 2.690%, 25-year amortization period.
4. Micro-condos promoted as affordable luxury real estate in Surrey, CBC News, January 26, 2015.
www.cbc.ca/news/canada/british-columbia/micro-condos-promoted-as-affordable-luxury-real-estate-in-surrey-1.2932464
5. Vancity, Downsizing the Canadian Dream: Homeownership Realities for Millennials and Beyond, March 2015, p. 3-4.
www.vancity.com/SharedContent/documents/News/Downsizing_Canadian_Dream_March2015.pdf
6. Barbara Yaffe, Single-family detached homes now on endangered list, Vancouver Sun, June 1, 2015.
www.vancouversun.com/business/Barbara+Yaffe+Single+family+detached+homes+endangered+list/11100051/story.html
7. Vancity, Downsizing the Canadian Dream: Homeownership Realities for Millennials and Beyond, March 2015, p. 1.
www.vancity.com/SharedContent/documents/News/Downsizing_Canadian_Dream_March2015.pdf
8. Canadian Mortgage and Housing Corporation, New Housing Construction Activity Vancouver, July 2015.
www.cmhc-schl.gc.ca/en/hoficlincl/homain/stda/stda_006.cfm
9. Vancity, Downsizing the Canadian Dream: Homeownership Realities for Millennials and Beyond, March 2015, p. 4.
www.vancity.com/SharedContent/documents/News/Downsizing_Canadian_Dream_March2015.pdf
10. Calculated from 2014 BC Assessment data from Landcor Data Corporation
11. Metro Vancouver, 2011 Census Bulletin #5: Household & Family Structure in Metro Vancouver, Table 5.
www.metrovancouver.org/services/regional-planning/PlanningPublications/Census2011-Families.pdf
12. Genworth Canada, 2015 Genworth Canada First-Time Homeownership Study, 2015.
homeownership.ca/dreaming-of-homeownership/benefits-for-first-time-home-buyers/our-very-first-home/
13. BabyCenter, BabyCenter 21st Century Mom Insights Series, 2014 Canada Millennial Mom Report, April 2014, p. 7.
www.babycentersolutions.com/docs/BabyCenter_2014_CA_Millennial_Mom_Report.pdf
14. Canadian Mortgage and Housing Corporation, Definitions.
cmhc.beyond2020.com/HiCODefinitions_EN.html#_Suitable_dwellings.
15. Real Estate Board of Greater Vancouver, Competition continues to drive Metro Vancouvers housing market, September 1, 2015.
www.rebgv.org/news-statistics/competition-continues-drive-metro-vancouvers-housing-market
16. Calculation based on a 32% gross debt service ratio, 5-year fixed rate of 2.690%, 25-year amortization period.
17. Calculated from 2014 BC Assessment data from Landcor Data Corporation
18. Statistics Canada, 2011 National Household Survey, Statistics Canada Catalogue no. 99-014-X2011032. National Household Survey
data shows that 2010 median total income for 25-36 year olds in Metro Vancouver was $31,097. 2014 numbers assume an annual salary
increase of 1.3%. See Vancity, Help Wanted, p. 3 for annual salary increases.
19. Calculated from 2014 BC Assessment data from Landcor Data Corporation
20. 454 Semi-detached and 2,049 Row housing. Canadian Mortgage and Housing Corporation, New Housing Construction Activity
Vancouver, July 2015. www.cmhc-schl.gc.ca/en/hoficlincl/homain/stda/stda_006.cfm