Vancouver Special Index

Methodology

The VSI is computed monthly using public data from FVREB and GVR HPI snapshots, Statistics Canada household income data, and Bank of Canada posted mortgage rates. The full computation is in scripts/generate-vancouver-special-index.mjs in the public repository — anyone can reproduce the value from inputs.

We use the MLS® HPI Composite Benchmark Price as the proxy for “a typical Vancouver Special” — the HPI benchmark is constructed to represent a typical home of typical attributes in each board's coverage area, which corresponds closely to the Vancouver-Special-archetype detached or attached middle-class home. Aggregating FVREB + GVR HPI gives a Lower Mainland benchmark.

VSI = (median_household_income / annual_carrying_cost) × 100

where:
  monthly_PI × 12 + property_tax + insurance + strata

Assumptions

Down payment

20%

Amortization

25 years

Mortgage rate

4.85%

Mortgage compounding

Canadian semi-annual standard

Property tax

0.35% of value a year

Strata

0.4% of value a year

Insurance

$1,800 a year

Median household income

$102,000

Interpretation bands

• VSI > 100:median household income exceeds one year of carrying cost
• VSI = 100:median household income equals one year of carrying cost
• VSI < 100:median household income falls short of one year of carrying cost

Historical series