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