To buy a home in Metro Vancouver you need to earn at least $235,650 a year: Ratehub

As Metro Vancouver real estate prices continue to soar, a new report finds that residents would now need another $8,850 in additional income to buy a property.

The Ratehub.ca report Tuesday said affordability worsened in June in all 10 cities it ranked, with Vancouver experiencing the biggest increase in the average cost of a home — up $15,000 to $1,203,000.

The jump in Vancouver home prices, combined with higher interest rates and stress tests, means that a buyer would need an annual income of $235,650 to buy a home in Metro Vancouver last month, up from $226,800 in May.

Vancouver’s average home price increase was more than double the rate of the next two cities: Toronto was up $6,900 to an average home price of $1,171,300, and Victoria was up $6,500 to $885,100.

Figures for the report are based on a mortgage with 20 per cent down payment, 25-year amortization, $4,000 annual property taxes and $150 a month in heating bills. For Vancouver, the average price of a home is based on the Canadian Real Estate Association’s figures for Greater Vancouver.