Minimum income to buy a home in Vancouver rises to $246,100: Report
If you want to buy a home in Vancouver, you would need to be making almost $250,000 a year, according to a new report.
Prices dipped $2,300 between July and August in the city — a near-negligible 0.2 per cent decrease — and nowhere near enough to offset increased borrowing costs.
“In Vancouver, despite the average home price decreasing by $2,300, affordability worsened due to the rise in mortgage rates, with $1,480 in additional income required to purchase a home,” said James Laird, co-CEO of Ratehub.ca, in a statement.
In July, the Bank of Canada hiked its benchmark interest rate by 25 basis points to five per cent, the central bank’s 10th rate hike since March 2022.