Prospective homebuyers can no longer count on cheaper suburbs

A new report from a Vancouver credit union says homebuyers on B.C.’s southern coast can no longer turn to the suburbs to find more affordable housing.

Vancity tracked the markets in 30 municipalities over a 12-month period ending Feb. 28, calculating the median price of housing and comparing that with the median income of residents.

Vancity says the gulf between the cost of housing and median income widened in the suburban North Vancouver District, where housing affordability tumbled almost 38 per cent.

The study says the Victoria suburb of Oak Bay and the districts of Squamish and Mission also became significantly less affordable.

The report identifies a few pockets where homes are considered affordable for buyers including Chilliwack and Sooke.