Vancouver Reality

At 33, Shannon West is part of a growing demographic on Canada's west coast.

Young, single and successful, but unable to afford a home of her own in Vancouver -- the most expensive housing market in the country.

"Obviously I want to buy, I've been paying almost $900- a-month rent for two-and-a-half years and I'd much rather have that going toward a mortgage," said West.

Despite bringing home about $60,000 a year after taxes as a dental hygienist, West said she's been unable to find a decent property she qualifies to buy.

"I heard on the radio the other day that you have to consider that to get a mortgage in Vancouver, 70% of your income is going to go toward paying your mortgage, which is about right," she said.

"If I bought something I want, it would be at least $3,000 a month for the mortgage."

Finding something less than five years old that's bigger than 400 sq. ft. for under $400,000 has been a chore.

"I have a friend who's been an engineer for the city for 14 years and makes more than I do, and he told me he sat down and did the math the other night for getting a mortgage and with the interest over the next five years -- which would probably be a turnover point for him to buy something for a family -- it's cheaper for him to rent.

"It's more economical for him to continue to rent in Vancouver than to buy something and to roll it over."

West sees herself in the same boat.

"I can't do it without a second income that is equal to, or greater than, my own," she said.

"There's just no way if you want to own a car and have some degree of lifestyle."

The situation frustrates her.

"I worked my ass off to get a great career and make money so I can afford a home and things I like and I can't do that," she said.

"I would never consider having a family and trying to own a home right now, there's no way.

"I'm crossing my fingers and waiting until after (the Vancouver winter Olympics in) 2010 and thinking, possibly, our housing situation will improve."

West's situation isn't unusual said Cameron Muir, chief economist for the B.C. Real Estate Association, as homes in Vancouver continue to skyrocket in price.

"One of the things here is supply is quite low given the demand that's out there," he said.

But that doesn't mean the city is unaffordable when it comes to buying a home.

"In the sense of relative affordability across the country, obviously it's not going to seem very affordable," said Muir.

He pointed out the fact homes are selling means they are somewhat affordable.

"On one hand, you can't say they're not affordable because if they weren't we would see very low sales levels, but we're seeing very high sales levels so obviously someone is able to afford to buy those homes," he said.

"But from a first-time buyer perspective, yes, affordability is being eroded by rising home prices, although we are seeing prices moderate."