With the worst housing market in national history, it comes as a surprise to few that Vancouver’s real estate prices are steep.
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 may be surprised by just how much money they’d have to earn to own property across Metro Vancouver.
What’s more, they may be shocked at the sizeable disparity between the median Canadian income and what they’d need to call themselves homeowners.
As a matter of fact, according to data compiled by Zoocasa, no one could afford a Metro Vancouver home based with the median income. As for apartments, only seven markets could afford one.
“A Maple Ridge household that earns the median of $86,178 would still be $35,602 short for a detached house purchase. In Metro Vancouver’s most expensive market, Vancouver West, this gap is a gargantuan $384,965,” reads the report.
The least affordable market was Vancouver West, where benchmark price of $3,278,500 meant buyers need a minimum income of $450,292. This is an income gap of $384,965.
The most affordable market was Maple Ridge, where a benchmark price of $870,200 meant buyers need a minimum income of $121,780. This is an income gap of $35,602.
Income Needed to Buy a Home
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