Vancouver's housing market is in crisis. Homes are so expensive that average buyers can't afford even a starter condo, which costs around $600,000. The share of income needed for homeownership is over 63%, making it more expensive to own a home in Vancouver than anywhere in Canada. The situation is so bad that some parents are helping their children pay for down payments just to make the monthly payments more affordable.
President Biden's proposal includes tax credits to enhance homeownership affordability for middle-class families. First-time buyers would receive $5,000 annually for two years, while families upgrading would be eligible for up to $10,000. However, experts express skepticism that these credits alone can address the underlying issues of high mortgage interest rates and insufficient affordable housing supply.
