The housing market in Vancouver is notoriously treacherous, and prices only got higher after the pandemic reached BC. That means it’s not looking encouraging for prospective homeowners on the hunt right now, but how bad is it? The answer isn’t exactly uplifting, but the numbers are in.
To start, if you even want to think about buying a home in the city, you need to be a millionaire. The average detached home costs around $2 million, and very few Vancouverites have the kind of income needed to support it.
In a report, the National Bank of Canada says households need to have an income of $253,000 to buy an average home in Metro Vancouver. That’s to afford a $1.47 million home, which is now the average price tag.
With a savings rate of 10%, it would take over 34 years of savings to cover the down payment for that type of home.
Read the article HERE