. 1120 CAD/sqft
. median before tax household income (City of Vancouver) 72,585 CAD
. ~30pc tax -> ~51k after tax
. 400 sqft 1120= 448k. 15% = 62k for a 15pc downpayment for a 400sqft condo.
Summary: In Vancouver the median household* would not be able to save 15% of a down payment for a 400 sqft "home" if they spent NOTHING for a year. We'll ignore the fact that housing appreciated for many years here at more than 10%/y.
This is good for ppl like me b/c I own stuff and this situation forces ppl to work more for less money in jobs they hate. For folks starting out (incl new immigrants), it's terrible. The root cause is very high immigration. Sweden (and Canada) have very high rates which puts pressure on the low end of the job market and pushes up home prices.
The US has a much lower rate (0.5%/y) than Canada (1.1%/y), which is likely one reason why homes are still somewhat affordable there.