In case you’re seeking to buy a house within the Higher Vancouver Space (GVA), it’s possible you’ll be questioning how a lot you possibly can afford or how a lot you want to earn to make that occur. Provided that the common value of a indifferent house is nearing $2 million, you will have to have a excessive family earnings. It is going to additionally assist to have a sport plan and to know the place to look.
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To assist make issues simpler for you, we’ve gone forward and calculated the family earnings you’ll want so as to buy a house throughout totally different elements of the GVA, based mostly on the common costs in December 2021. (You might also wish to take a look at the way it compares with houses within the Higher Toronto Space, one other costly Canadian actual property market.)
Earnings wanted by property kind
First, we regarded on the costs of various property sorts throughout the GVA, for all 21 areas listed in Actual Property Board of Higher Vancouver (REBGV) knowledge.
There’s no denying the numbers are intimidating (similar to the numbers in different sizzling markets, like Toronto). Nevertheless it’s vital to notice these are averages solely. It’s potential to seek out housing that’s roughly costly than what’s listed right here.
| Property kind | Common value (throughout all areas) |
Family earnings wanted | Month-to-month mortgage cost |
|---|---|---|---|
| Indifferent | $1,910,200 | $320,000 | $7,000 |
| Townhouse | $1,004,900 | $170,000 | $3,780 |
| Condominium houses / condos | $761,800 | $130,000 | $2,790 |
How a lot you want to earn, based mostly on area
Together with giving a primary overview of the GVA actual property market, we dug deeper into the numbers representing all property sorts (indifferent homes, townhouses and condo houses) for every of the 21 areas listed within the knowledge.
| Area | Common value (all property sorts) |
Family earnings wanted | Month-to-month mortgage cost |
|---|---|---|---|
| Bowen Island | $1,489,800 | $251,000 | $5,460 |
| Burnaby East | $1,127,600 | $191,000 | $4,130 |
| Burnaby North | $1,153,700 | $195,000 | $4,230 |
| Burnaby South | $1,079,000 | $183,000 | $3,950 |
| Coquitlam | $1,162,400 | $196,000 | $4,260 |
| Ladner | $1,103,500 | $187,000 | $4,040 |
| Decrease Mainland | $1,234,600 | $208,000 | $4,520 |
| Maple Ridge | $1,102,000 | $186,000 | $4,040 |
| New Westminster | $752,900 | $128,000 | $2,760 |
| North Vancouver | $1,273,100 | $215,000 | $4,660 |
| Pitt Meadows | $1,000,000 | $169,000 | $3,660 |
| Port Coquitlam | $988,000 | $167,000 | $3,620 |
| Port Moody | $1,115,900 | $189,000 | $4,090 |
| Richmond | $1,132,600 | $191,000 | $4,150 |
| Squamish | $1,071,300 | $181,000 | $3,930 |
| Sunshine Coast | $854,500 | $145,000 | $3,130 |
| Tsawwassen | $1,231,000 | $208,000 | $4,510 |
| Vancouver East | $1,247,900 | $211,000 | $4,570 |
| Vancouver West | $1,385,400 | $233,000 | $5,070 |
| West Vancouver | $2,595,700 | $434,000 | $9,500 |
| Whistler | $1,369,400 | $231,000 | $5,020 |
Taking a look at area-specific knowledge might be useful when home looking. That’s as a result of you possibly can focus your property search on the areas that you may extra simply afford.
West Vancouver is by far the costliest area. You’ll want round $434,000 in family earnings to purchase the common property there. In the meantime, New Westminster is probably the most inexpensive. You’ll solely want about $128,000 in family earnings to purchase the common property in that space.
You’re 2 minutes away from getting the most effective mortgage charges in CanadaReply a couple of fast inquiries to get a personalised fee quoteYou’ll be leaving MoneySense. Simply shut the tab to return.
How we calculated what you want to earn to purchase a house in Vancouver
You probably have a mortgage pre-approval letter in hand, a mortgage skilled has already put your funds to the take a look at utilizing the gross debt service (GDS) ratio. Your GDS is calculated by including up all of your bills (mortgage funds, heating and taxes) and dividing that quantity by your whole family earnings.