Buy­ers need a $163,000 in­come to af­ford Vancouver home, study shows

StarMetro Vancouver - - VANCOUVER - JENNY PENG

Vancouver, Rich­mond and Burn­aby have been iden­ti­fied as the top-three cities with the big­gest gaps be­tween me­dian in­come and the in­come re­quired to af­ford home prices, new data shows.

Vancouver tops the list in a sur­vey con­ducted by real es­tate data web­site Zoocasa: its gap be­tween ac­tual and re­quired in­come re­quired is $98,000.

The dif­fer­ence is based on bench­mark home prices sold last month at $1,196,000 and ac­tual me­dian house­hold in­come of $65,000, a num­ber gen­er­ated by Sta­tis­tics Canada.

The study shows that a six­fig­ure in­come is needed in most Metro Vancouver mu­nic­i­pal­i­ties to af­ford homes ex­cept for New West­min­ster, where the re­quired in­come is $96,000. Ac­tual in­come in New West­min­ster is $65,000 and the bench­mark is $700,000.

Out­side of Metro Vancouver in the rest of B.C., the re­port finds there are four mar­kets where homes are still at­tain­able based on ac­tual in­come: Prince Ge­orge, Kam­loops, Camp­bell River and Lang­ford.

Read the full hous­ing story at thes­tar.com/vancouver

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