Metro Vancouver Housing Data Book Revised September 2019 METRO VANCOUVER HOUSING DATA BOOK – Table of Contents Theme 1: Household Income 1.1 Median Household Income, 2016 Census 1.1.1 Median Income, Families and Unattached Individuals, 2006 – 2015 1.2 Median Household Income for Renters 1.3 Median Household Income for Owners 1.4 Income Distribution for All Households 1.5 Income Distribution for Renter Households 1.6 Income Distribution for Owner Households Theme 2: Housing Market Indicators 2.1 Housing Inventory by Structure Type 2.2 Housing Starts 2.3 Housing Starts by Tenure 2.4 Housing Starts by Structure Type 2.5 Housing Completions 2.6 Housing Completions by Tenure 2.7 Housing Completions by Structure Type 2.8 Housing Demolitions 2.9 Average Rents for Purpose Built Rental Apartments 2.10 Average Vacancy Rates for Purpose Built Rental Apartments 2.11 Number of Bedrooms by Dwelling Type and Tenure Theme 3: Housing Needs 3.1 Households in Core Need 3.2 Households in Core Need and Spending At Least Half on Shelter (INALH) 3.3 INALH Households by Household Type 3.4 INALH Households by Household Maintainer 3.5 BC Housing Social Housing Waitlist 3.6 Expiring Social Housing Agreements 3.7 Homeless Population by Homeless Count Theme 4: Continuum of Housing Choices ‐ Renters 4.1 Rental Inventory by Structure Type and Age of Building 4.2 Purpose Built Rental Apartment Inventory 4.3 Secondary Suite Inventory 4.4 Private Condominium Rental Inventory 4.5 Social Housing Inventory 4.6 Sources of Rental Supply 4.7 Inventory of Affordable Rental Units by Rent Thresholds Theme 5: Continuum of Housing Choices ‐ Ownership 5.1 Ownership Inventory by Structure Type and Age of Building 5.2 Ownership by Mortgage Status 5.3 Median Value of Owned Household by Structure Type 5.4 Average House Price and Housing Price Index 5.5 Inventory of Affordable Home Sales by Price Thresholds Table of Contents METRO VANCOUVER HOUSING DATA BOOK ... Median Household Income 2016 Census Description Median Household Income and Income Thresholds by Subregion in Metro Vancouver, 2015 Housing affordability is a measure of housing costs as well as a household’s ability to meet these costs. The median household income can be used as a measure for determining a household’s ability to find housing in their community at an affordable price. In moving forward on the strategies and actions proposed in the Regional Affordable Housing Strategy and the regional growth strategy, Metro 2040, different income categories or income thresholds are defined. These income categories are: very low income (less than 50% of median household income); low income (between 50% and 80% of median household income); moderate income (between 80% and 120% of median household income); above moderate income (between 120% and 150% of median household income); and high income (more than 150% of median household income). Key Findings According to the 2016 Census, the Median Household Income in Metro Vancouver in 2015 was $ 72,336. This is 11% ($7,320) higher than the $65,342 reported for 2005. The 2016 Census shows 218,930 households with annual incomes Source: Statistics Canada, 2016 Census below 50% of median household in the region (incomes below Note: 2016 Census reports annual incomes for the 2015 calendar year. $35,000)*. This share represents 23% of the total households Metro Vancouver. There are an estimated 179,680 households (19% of total households) * Income groups are rounded to the nearest $5,000 for reporting purposes. with incomes between 50% and 80% of the median household income In 2015 the median household income was $72,662, therefore the reporting for the region. income for 50% or less was defined as incomes of under $35,000 ($36,200). The reporting threshold for 80% is $60,000 ($58,130) and for 120% the reporting There are an estimated 152,840 households (16% of total households) threshold is $85,000 ($87,190). with incomes between 80% and 120% of the median household income for the region. 1.1 Housing Data Book Median Household Income Median Household Income and Income Thresholds for Metro Vancouver Municipalities, 2015 Total Median Income Thresholds Hshlds Hshld 50 % of Municipal 80 % of Municipal 120 % of Municipal Municipality # Income Median Income Median Income Median Income Anmore 690 $139,469 $69,700 $111,600 $167,400 Belcarra 250 $128,256 $64,100 $102,600 $153,900 Bowen Island 1,495 $89,856 $44,900 $71,900 $107,800 Burnaby 92,200 $64,737 $32,400 $51,800 $77,700 Coquitlam 51,325 $74,383 $37,200 $59,500 $89,300 Delta 35,760 $92,300 $46,200 $73,800 $110,800 Electoral Area A, UBC/UEL 6,100 $46,322 $23,200 $37,100 $55,600 Langley City 11,840 $59,452 $29,700 $47,600 $71,300 Langley Township 41,980 $90,594 $45,300 $72,500 $108,700 Lions Bay 495 $125,082 $62,500 $100,100 $150,100 Maple Ridge 30,265 $86,178 $43,100 $68,900 $103,400 New Westminster 32,710 $64,695 $32,300 $51,800 $77,600 North Vancouver City 24,645 $67,119 $33,600 $53,700 $80,500 North Vancouver District 31,120 $103,981 $52,000 $83,200 $124,800 Pitt Meadows 7,195 $86,912 $43,500 $69,500 $104,300 Port Coquitlam 21,750 $84,096 $42,000 $67,300 $100,900 Port Moody 12,975 $92,922 $46,500 $74,300 $111,500 Richmond 73,455 $65,241 $32,600 $52,200 $78,300 Surrey 169,965 $77,494 $38,700 $62,000 $93,000 Tsawwassen First Nation 325 $84,053 $42,000 $67,200 $100,900 Vancouver 283,915 $65,327 $32,700 $52,300 $78,400 West Vancouver 16,935 $89,808 $44,900 $71,800 $107,800 White Rock 10,005 $62,344 $31,200 $49,900 $74,800 Metro Vancouver 960,890 $72,662 $36,300 $58,100 $87,200 Source: Statistics Canada, 2016 Census Note: Values for income thresholds are rounded to nearest 100. 1.1 METRO VANCOUVER HOUSING DATA BOOK ... Annual Median Income 2007 ‐ 2017 Description Annual Median Income in Metro Vancouver for All Statistics Canada taxfiler data is used to present annual figures for Families and Unattached Individuals, 2007 ‐ 2017 median income. The data is based on tax returns submitted to Revenue Canada annually (matched for families comprised of 2 or more persons, and for unattached individuals). The data thus excludes those families and unattached individuals who do not file a tax return. Median income figures from taxfiler data differ from 2016 Census figures due to the difference in coverage and definitions. The 2016 Census reported median household income of $72,662 for all households in 2015 (includes non‐family households) compared to $80,970 reported by Statistics Canada taxfiler data for all families (excludes unattached individuals). Key Findings In the recent 5‐year period the median income of all families in Metro Source: Statistics Canada Income Statistics Division CANSIM (table 111‐0011 and 111‐0012) Vancouver increased from $71,140 in 2012 to $86,140 in 2017 (22.2%). Nationally, the median income for all families increased by Annual Median Income for Families and Unattached 15.2%, from $74,540 in 2012 to $84,950 in 2017. Individuals, 2009 ‐ 2017 There is a substantial difference between the income of a family (2+ persons) and unattached individuals. The unattached individuals’ median income of $29,540 is just over a third of a families’ median income ($86,140 in 2017) in Metro Vancouver. Unattached individuals in Metro Vancouver show an increase of 14.6% over the 5‐year period from 2012 – 2017 (from $25,800 in 2012 to $29,540 in 2017), which is more than the national median income Source: Statistics Canada Income Statistics Division CANSIM (table 111‐0011 and 111‐0012) for unattached individuals’ increase of 11.8 % over the same period. Note: “All families” consists of couple families and lone parent families. The 2017 median income for unattached individuals in Metro Vancouver is slightly higher than the national rate of $28,340. 1.1.1 METRO VANCOUVER HOUSING DATA BOOK ... Renter Households Income and Affordability Description Median Household Income for Renter Households by Subregion in Metro Vancouver, 2016 Affordable housing is defined as housing that does not cost more than 30% of a household’s gross income. Different households are affected by affordability challenges in different ways. Based on the 2016 Census, the median annual household income for renter households in Metro Vancouver was $48,959. Key Findings Metro Vancouver’s median renter household income of $48,959 is equal to approximately 67% of the median household income for all households in the region ($72,585). Based on the median income of $48,959, an “affordable rent” was $1,224 per month. According to the 2016 Census, the average rent across all households in the region was $1,054 and the median rent was $968. According to the 2016 CMHC rental market report, the median rent Median Household Income for Renter Households, for the region was $1,127 per month for purpose built rental Subregions in Metro Vancouver, 2016 apartment units. (There is an affordability gap of approximately $97 per month between the rent that paid by the average renter household and the median income for renter households.) 2016 Census data shows the median household income for renter households varies across the region, from $45,411 in Burnaby / New Westminster subregion to $52,695 on the North Shore. Source: Statistics Canada, 2016 Census 1.2 Housing Data Book Income Distribution for All Households Household Income by Income Groups for Metro Vancouver Municipalities, 2016 All Households Renter Households Owner Households Total Median Hshld Total Median Hshld Affordable Total Median Hshld Affordable Municipality Dwellings Income # Income Housing Cost * # Income