Homes mostly unaffordable
Alanna Kelly - Sep 13, 2018 - BC Biz

Image: Contributed

How much do you need to earn to afford a house in Metro Vancouver?

According to data compiled by home search website Zoocasa, the least affordable markets are Vancouver West and West Vancouver.

Zoocasa says starter homes in Vancouver have well surpassed the $1-million mark, and there isn’t a single market across the region where a household earning the median income can qualify to buy a home.

Twenty-one markets were analyzed, and data was collected from Statistics Canada.

The most affordable location is Maple Ridge, but a household that earns the median $86,178 would still be $35,602 short for a detached home.

The price for the benchmark detached home in Maple Ridge is $870,200, requiring an income of $121,780 while the median household income listed by Statistics Canada is $86,178.

In Vancouver West, an income of $450,292 is needed to afford the benchmark detached house price of $3,278,500, a $384,965 gap. Income required to afford as detached house in West Vancouver is $389,468.

More affordable Metro Vancouver markets include North Delta with the minimum required income to purchase a home $132,652, Pitt Meadows at $131,506, Bowen Island at $137,548, and Ladner at $140,877.

Similar data shows the benchmark for a condo in West Vancouver topped $1.19 million, and was $825,000 in the western half of the city.

Most affordable for a condo are Maple Ridge, North Delta, Ladner, Port Coquitlam and North Surrey. Home buyers there actually have a surplus of between $13,031 and $29,750.

For all of the data collected by Zoocasa, visit this link.

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