Income Needed To Buy A House In Vancouver

A new report by zoocasa a toronto based real estate brokerage firm found that the city of vancouver had the worst house price to income ratio for single individuals with a staggering ratio of 32 to acquire an average priced property of 1 229 million on a median income.

Income needed to buy a house in vancouver. This is an income gap of 384 965. 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. This is an income gap of 35 602. How much income do you need to buy a detached home.

It s already tough enough to buy a home in vancouver but a new report shows just how bad it has gotten. There should be no surprise which city in british columbia ranked dead last in affordability for single person households. The least affordable market was vancouver west where benchmark price of 3 278 500 meant buyers need a minimum income of 450 292. No one but those perched atop the income ladder can afford to buy a home in toronto and vancouver a new study confirms.

It takes the average home price by area assumes a purchase price with 20 down then calculates the approximate home income required to qualify for a. For first time homebuyers hoping to buy an average house with an average.