Call us . . . unaffordable

Sun

GDS ratio, % change 1997-2002 to 2006 Source: CIMBL VANCOUVER SUN

The Canadian Institute of Mortgage Brokers and Lenders (CIMBL) calculates housing affordability by contrasting the monthly mortgage payment for an averaged priced resale home in a given province with that region's average weekly wage -- the average Gross Debt Service ratio. By this measure housing affordability in B.C. has deteriorated more from the 1997-2002 period to 2006 than it has in any other province. For example, in the 1997-2002 period the GDS ratio for B.C. was 37.7%. In 2006 that rose to 50.5%, an increase of 12.8 percentage points.

© The Vancouver Sun 2006