Vancouver's homeowning horrors laid out in new income report
Another day, another report about how unaffordable Vancouver is. This time, it isn’t the sky-high rent prices; it’s a jab at your income.
A report released by Ratesdotca has found the average income needed is a jaw-dropping 249% more than the average median income earners can afford.
The average household income in Vancouver is $86,988 a year, but the average home price is $1.2 million, according to the MLS. That means the chance of buying is but a dream for many in that income bracket.
rates.ca
The maximum purchase price for someone with an insured mortgage is only $347,000 if they make about $86,000 a year.
An uninsured mortgage bumps that up to $411,000, which still means about 195% more than the average household can afford.
The report adds that many are leaving Vancouver because of it.
“Faced with a housing crunch, young professionals have also started migrating from Vancouver to Atlantic cities.”
“Nationwide, a Canadian household making the median income of $79,876, for instance, can afford a home of $315,000 with a maximum insured mortgage of $299,500. However, the average home price across Canada is $757,600.
- You might also like:
- Metro Vancouver developers facing flatlining revenues: market update
- 5 BC cities where you can buy a two-bedroom home for under $500,000
- These financial institutions offer the best mortgage rates in Canada
That means that the average home costs 141% more than the median household can afford ā otherwise known as the maximum purchase amount,” Ratesdotca said in its report.