Black Press file photo

Vancouver Island housing markets world-class in their unaffordability

Victoria, Nanaimo, Comox Valley among 20 least affordable in survey of Canada, US, UK and more

Want to live on Vancouver Island?

Be prepared to pay for it.

A recent study has ranked a trio of Island communities as among the most unaffordable housing markets in North America and beyond.

The 15th Annual Demographia International Housing Affordability Survey covers 309 metropolitan housing markets (metropolitan areas) in eight countries (Australia, Canada, Hong Kong, Ireland, New Zealand, Singapore, the United Kingdom and the United States) for the third quarter of 2018.

Victoria (13th), Nanaimo (19th) and the Comox Valley (20th) all rank among the worst. You’d have better luck affording a home in Victoria than in Honolulu, but just barely. Miami? Seattle? New York? All more affordable than Nanaimo and the Comox Valley.

The survey calculates communities’ level of affordability by dividing the median house price by the median annual gross household income before tax. This is a widely used method for evaluating housing prices. Communities are given a numerical rating, called the median multiple, with anything 3.0 and under considered affordable and anything 5.1 and over considered severely unaffordable.

The Comox Valley has a median multiple of 7.9, just below Nanaimo (8.0), the Fraser Valley (8.2), Victoria (8.5) and Vancouver (12.6). Other B.C. communities rated severely unaffordable are Kelowna (7.0) and Chilliwack (6.7).

Courtenay Mayor Bob Wells says the Comox Valley continues to be a very desirable place to live and this is unfortunately reflected in the difficult housing prices.

“Houses over the last 15 years have gone up by four times their value when you look at their assessments and yet obviously wages haven’t necessarily gone up by four times,” he said. “That certainly brings a lot of pressure to bear.”

He adds there are many people who retire in the Comox Valley and questions what effect this has on the household income calculation in the study.

Roger Kishi, director of homeless & housing programs for the Comox Valley’s Wachiay Friendship Centre, says the results of the study are consistent with what he has been seeing.

According to the 2018 Vital Signs Report, 45.4 per cent of renters spent more than 30 per cent of their income on housing, whereas 20 per cent spent more than 50 per cent of their income on housing.

Kishi says there is work being done to alleviate the housing strain, but vacancy rates are still very low and housing costs continue to soar.

“We’re already in such a deep pit that filling it in and trying to get even to a level place is gonna take a lot of resources,” he said.

RELATED: Courtenay supportive housing complex under construction

RELATED: A supported adult housing complex is under construction in Courtenay

Canada as a whole has a moderately unaffordable rating of 4.0 with Edmonton being the most affordable major market in the country with a rating of 3.6.

Vancouver’s 12.6 median multiple makes it the second most unaffordable market in the world, trailing only behind Hong Kong which has a median multiple of 20.9. Sidney and Melbourne Australia, and Santa Cruz California round out the bottom five. Cape Breton Nova Scotia and Fort McMurray Alberta were the most affordable markets in the survey.

Just Posted

UVic announces review into circumstances of fatal bus crash

Upcoming student trip on the same route not cancelled

Historic camp celebrates 75 years in Sooke

Camp Barnard donated to Scouts Canada in 1944

Pacific FC, Dodd’s Furniture team up for local food banks

CPL team offering one free ticket to Oct. 2 game for two non-perishable food donations

Hundreds gather at fundraising kickoff for ‘Kings Park’ purchase

Campaign to raise $2.75 million for the District of Saanich underway

Collector car season rolling to season’s end at Turkey Head

European car and coffee meet is every third Sunday

Third instance of Trudeau in skin-darkening makeup emerges

Another instance of Trudeau using makeup to darken his face has emerged, within 24 hours of the first

Crime Stoppers most wanted for Greater Victoria for the week of September 17

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

POLL: Should the province step in to upgrade the road to Bamfield?

The death of two University of Victoria students on a bus bound… Continue reading

21 years: Grand Chief Stewart Philip to continue leading B.C. Indian Chiefs union

Grand Chief Stewart Phillip acclaimed as president of Union of BC Indian Chiefs

Murder charges laid after body pulled from Fraser River ID’ed as missing man

Accused also face one count each of attempted murder in connection with Rudy Johnson Bridge incident

B.C. MLA’s former constituency assistant charged with fraud, breach of trust

Charges announced Sept. 19 more than two years after Martin fired Desmond Devnich for alleged thefts

B.C. salmon farm inspection deal reached with Indigenous people

Monitoring to determine if any Broughton region farms stay open

RCMP seize $1.9 million in B.C. traffic stop

The driver and passenger were detained under the Controlled Drugs and Substances Act

Yearbook photo surfaces of Trudeau wearing ‘brownface’ costume in 2001

The report describes the occasion as an ‘Arabian Nights’-themed gala event

Most Read