It’s already tough enough to buy a home in Vancouver, but a new report shows just how bad it has gotten.
According to data compiled by real estate website Zoocasa, Vancouver buyers “must be at least within the top 2.5% tier to buy one at the city’s benchmark of $1,441,000”.
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The study calculated the minimum income required to qualify for a mortgage in 13 census metropolitan areas (CMAs) across Canada, assuming a 20% down payment, 3.75% mortgage rate, and 30-year amortization.
In Toronto, you must be within the top 10% tier to buy a house at a benchmark price of $873,100.
Below is an infographic that highlights the income group you need to be in to buy a house across Canada:
When it comes to buying an apartment, even those are out of reach.
“Vancouver and Toronto apartment buyers must still have an income within the top 25% in order to swing the benchmark unit price of $656,900 and $522,300, respectively” reads their website.
Here’s an infographic that highlights the income group you need to be in to buy an apartment across Canada:
As for Victoria, they came third on both lists. You must be within the top 10% tier to buy a house at a benchmark price of $741,000 and within the top 25% tier to buy an apartment at a benchmark price of $497,100.
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