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Here’s How Much You Need To Make To Buy A Home In Metro Vancouver

Buy A Home

Photo: Zoocasa

It comes as no surprise by now that Vancouver’s real estate is unaffordable for many people across the region.

In fact, a study conducted by the Vancouver Board of Trade found that over half of Vancouver residents consider leaving to due affordability issues.

With that being said, some residents (or future residents) may be surprised by just how much money they’d have to earn to own property across Metro Vancouver.

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Additionally, they may be shocked at the sizeable disparity between the median Canadian income and what they’d need to call themselves homeowners.

According to data compiled by Zoocasa, no one could afford a Metro Vancouver home based on their median income.

“The Vancouver real estate market takes the obvious top spot for least affordable; local median annual earnings clock in at $65,327, a whopping $97,866 short of affording the average home priced at $1,196,350” states the report.

“In fact, there are only four BC markets where homes for sale align with local earnings: Prince George, Kamloops, Campbell River and Langford”.

The most affordable market was Prince George, where a benchmark price of $315,434 meant buyers need a minimum income of $43,028. This is an income gap of $35,399.

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Income Needed to Buy a Home

Photo: Zoocasa

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Least Affordable Housing Markets in British Columbia

Vancouver

  • Median household income: $65,327
  • Benchmark home price: $1,196,350
  • Income gap: $97,866

Richmond

  • Median household income: $65,241
  • Benchmark home price: $1,016,200
  • Income gap: $73,377

Burnaby

  • Median household income: $64,737
  • Benchmark home price: $978,800
  • Income gap: $68,780

North Vancouver

  • Median household income: $80,838
  • Benchmark home price: $1,065,500
  • Income gap: $64,505

Coquitlam

  • Median household income: $74,383
  • Benchmark home price: $941,600
  • Income gap: $54,059

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