How severe is the gap between income and house prices in Metro Van?

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A recent report explains that there isn't a single market across Metro Vancouver where a household earning the median income can afford houses for sale.

Eleven out of 21 markets studied had income gaps of more than $100,000.

In Port Moody, for example, which is the 6th least affordable market, the median income is around $93,000, which means those residents would be about $118,000 short. In North Vancouver, the income gap would be more than $160,000.

The least affordable area for a detached home is Vancouver's West Side, wherein areas such as Kitsilano or Point Grey residents would need an annual income of $450,000 to buy a house. The actual median for that area is $65,000, for an income gap of a whopping $385,000.

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Following the West Side for the least affordable areas are West Vancouver, Richmond, North Vancouver, Burnaby South and Port Moody.

Even when you look at the most affordable region of Maple Ridge - a household that earns the median of $86,178 would still be $35,602 short if they wanted to buy a detached house.


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