The Hall

[EastCoastCdn]

I know this is Canadian news but look at these numbers of of British Columbia.

"and the proportion of median pre-tax household income required to service the cost of a mortgage on an existing housing unit exceeds 70 per cent for both two-storey homes and detached bungalows."


"A standard condo consumes about 43 per cent of income according to RBC."

Do these number not seem alarming. I am uncertain what the stats were in the US before the colapse but these ratios are with mortgage rates at all time lows.(My mortgage is approx. 20% debt to service) I am not sure how this happens as the standard bank will not allow a mortgage to exceed 36% of debt to service.
70% is very bad news. This is pretax!

http://www.vancouversun.com/news/waves+flag+over+Vancouver+housing+market/3585943/story.html