It’s been named as Canada’s least affordable city and figures from the CMHC don’t give any comfort to those struggling to buy a home in the city.

The average price for detached houses, condos and townhouses is set to reach $811,000 in Greater Vancouver; that’s a 5.6 per cent year-over-year increase.

There’s no slowdown forecast over the next two years either with CMHC expecting a 1.2 per cent increase next year and 1.7 per cent in 2016. MLS sales will end the year up 13.2 per cent this year but there will be a reduction in supply over the following two years according to the agency’s analysis.

The overall trend for housing starts will continue steady with a dip in 2015 before rising again the year after.

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate


More market watch: