Shuswap Salmon Arm is an alternative....."70% of pre-tax income needed to buy a home in Vancouver"

If you can live on 30 per cent of your pre-tax household income, RBC Economics says you can afford to own a home in Vancouver.

The RBC survey shows you'll need most of the other 70 per cent just to pay the mortgage, utilities and taxes on a two-storey home in one of the country's hottest real estate markets.

The survey also shows that two-storey homes are comparatively more affordable in Vancouver, thanks to levelling prices. But the same can't be said for the city's bungalow, townhouse or condo markets.

According to RBC, prices in those markets continue to rise as buyers focus on smaller properties as their only affordable option.

And despite moderating prices for single detached homes, the survey reveals home ownership in Vancouver remains dramatically more expensive than anywhere else in Canada.

RBC's numbers show 43 per cent of pre-tax income is needed to meet mortgage payments, utilities and property taxes in Toronto, 40 per cent in Calgary, 35.4 per cent in Montreal and just 30.5 per cent in Ottawa.

Source: Globe and Mail