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 pct

0.2

amortization years

25

mortgage rate pct

4.85

mortgage compounding

Canadian semi-annual standard

property tax rate

0.004

strata rate assumed

0.004

insurance annual

1,800

median household income

102,000

Interpretation bands

• VSI ≥ 110:comfortable affordability — median income comfortably exceeds annual carrying cost
• VSI 100-109:borderline affordability — median income roughly covers annual carrying cost
• VSI 80-99:stressed affordability — median income falls 1-20% short of annual carrying cost
• VSI < 80:severe affordability stress — median income falls 20%+ short, dual-income required

Historical series