Mission housing affordability declined dramatically in 2016: Report

House prices rapidly outpacing incomes in Lower Mainland, Vancity says

It will come as a surprise to few, but a new report says housing affordability has declined dramatically in Abbotsford and Mission over the last year.

When Vancity Credit Union compared housing prices with incomes, it found that affordability dropped by 23 per cent in Abbotsford and 24 per cent in Mission in the 12 months ending Feb. 28, 2017.

Those declines were among the largest drops in the Lower Mainland, according to the report by Vancity. By contrast, the affordability of homes in Vancouver rose by just three per cent.

The report suggests that the two most affordable places to buy an apartment were Chilliwack, where a medium condo cost $174,600, and Sooke, on Vancouver Isalnd, where the median price was $219,000.

Mission was one of the most affordable places to purchase an attached home, with a medium price of $315,000.

“Buyers looking for affordable housing options used to be able to look to municipalities around Vancouver to find affordable options,” Vancity’s Ryan McKinley said in a news release. “While pockets of affordability still exist, they are disappearing as prices in the Fraser Valley and other parts of B.C. continue to rise.”