Vancouver, Toronto and other major Canadian cities have had a huge drop the first half of 2016. The distance between what people earn pre-tax and what homes are costing now is ever increasing and detached homes and places to raise a family are hard to find. But the drop in the cost of higher end detached homes may only start to become reality later in the year if this trend continues.
This trend has started to encourage more townhouse and condo developments in outlying regions such as Maple Ridge where homes and condos have now separated by larger margins in terms of what people can afford.
Some analysists say that Vancouver is expected to receieve a small housing correction but nothing too alarming as the demand for homes and affordability in the Lower Mainland is ever present.
Even though Vancouver and some outlying cities have seen a small decline, the rest of BC has improved and continues to be a strong market.