Monday, January 22, 2007

Victoria's Affordability

Having read portions of the housing affordability report from Demographia, I'd question the median house price number that they used for Victoria. But, this may be splitting hairs. I'm not sure how they obtained the median house price for 2006, but I took the average of the median for every month, and found that to be $445000 for Greater Victoria. Based on the same median income (that number does sound right), it produced an affordability number of 7.96. This number would put us at #12 on the least affordable. This isn't totally accurate, as Vancouver would still be higher than Victoria. With the US market the way it has been this past year, their numbers are still probably the same or close. So, we are even less affordable! Like we didn't know that!

I plotted the chart for the monthly medians for 2006. What can be drawn? Maybe that the median for Victoria went all over the map, but not really anywhere. The median for the CRD appears to have gone up and is coming down.