METRO VANCOUVER (NEWS1130) – It’s no secret we live in the most expensive place in the country, but it turns out our sky-high real estate prices aren’t the only problem.

New research suggests how much (or how little) we earn may have something to do with it, too.

“Metro Vancouver is challenged because we have below average median household incomes and of course we have very high land [costs] and therefore high housing costs here,” says Jock Finlayson, Executive Vice President of the BC Business Council.

“It puts a real squeeze on a lot of homeowners and presents a challenge in terms of the vibrancy of the local economy.”

“In the Metro Vancouver area, we don’t have a lot of major corporate head offices… that tends to dampen incomes because head offices bring with them lots of high paying jobs,” adds Finlayson.

A BC Business Council Report finds the median family income in Metro Vancouver is just over $67,000 dollars, behind that of other Canadian cities.