How much you need to earn for a 1,500 sq ft home in Vancouver

Keep dreamin' (BaLL LunLa/Shutterstock)

A new report on owning a home in BC and Greater Vancouver highlights how much money you need to make to purchase a 1,500 sq ft home.

If you aspire to own a home in the province, do you have what it takes? The HelloSafe report suggests what it takes is an annual household income of well over $600,000.

What else has HelloSafe determined about the homeownership dreams of residents in BC?

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“Since Vancouver is the city with the highest gross annual salary needed to buy a 1,500 square foot house, we sought to investigate whether this trend extends to the neighbouring cities within the Greater Vancouver Area,” says HelloSafe.

For context, this 1,507 sq ft home is currently listed for $2.15 million in Vancouver.

“Buying a house is an aspiration for many families in British Columbia. But at what price is this dream available?”

The price data used in the reporting is from June.

HelloSafe says that, unsurprisingly, Vancouver is where you need to make the most money to afford a 1,500 sq ft house. HelloSafe says you must earn a gross annual income of $608,746 per household!

HelloSafe crunched the numbers, adding that the price per sq ft for a home in Vancouver as of June is $1,080.

It’s not much better in the West and North Vancouver areas, where gross annual salaries required to buy a 1,500 sq ft home exceed $500,000.

Visit HelloSafe Canada for more tools.

On the other side of the trend, Prince George has the lowest income required to purchase a home of that size, which equals a gross annual salary of $117,420.

“The average price per square foot for a house in Vancouver ($1,080) is 4.4 times higher than in Prince George ($244),” HelloSafe said in its report.

So unless you’re a CEO or employed in another high-paid industry, you better start collecting 6/49 tickets if you aspire to own a 1,500 sq ft home in the city.