What income is required to purchase a house in Vancouver?

There is an interactive map published by a Vancouver programmer that suggests even an above-average income isn't enough to get into the front door of a single family home in Vancouver.

Jens von Bergmann of MountainMath, mapped the assessed value of every house in Vancouver, then calculated the approximate income required to purchase each home.

His data suggests that those bringing in the average Vancouver family income of about $90,000 are shut out of about 60% of the city. The map shows families in that range can afford a $568,000 home.

The map assumes buyers have a 20% down payment, and are willing to spend up to one-third of their income, before taxes, on a mortgage. The mortgage used for the simulation is for 25 years at 4% interest.

A single family home on the east side becomes affordable to those earning around $250,000 a year, while the most affordable home in the west requires a salary of about $300,000.

Even $500,000 wouldn't get you a home in the majority of the West Side of Vancouver.

If you are willilng to rent out an existing or newly created suite you may be able to buy in the market with incomes of $125,000, but a buyer's chances of finding that home is slim. There are approximately 62,000 households that bring in $125,000 per year, which is almost as many as Vancouver has single homes.

This data leaves you wondering why so much of the city is reserved for the rich and why any move at all that would create more affordable housing is not enough.

Interactive map shows affordable homes

 

 


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