The income you need to buy a home in BC
 

I read this article this evening and feel rather fortunate to be living in a city where homes for sale align with local earnings. Thought it might be interesting.

https://cimg3.ibsrv.net/gimg/british...6aac78d67d.png

Re: The income you need to buy a home in BC
 

No real surprises, in that top 20 list there is not one we could buy a home in. lol

Re: The income you need to buy a home in BC
 

The top 20 should be taken with a pinch of salt as a definitive list - it's missing major cities like Kelowna/West Kelowna, Chilliwack and towns like Vernon.

Re: The income you need to buy a home in BC
 

I don't understand the numbers. If someone has an income of $163,193 that person can borrow about $500,000. If a house costs $1,196,350 then the house is "affordable" if that person happens to have $700,000 in cash. One might as well say the house is affordable by someone with an income of $63,193 and suppose they found another hundred grand down the back of the sofa.

Re: The income you need to buy a home in BC
 

Re: The income you need to buy a home in BC
 

They are using 20% down according to the fine print, but at the high cost of housing, I wonder how many people end up with 20% down.

Many of these city's also have rent affordability issues as well.

Even Chilliwack is getting up there price wise.

Both also have rent affordability and stock issues.

Re: The income you need to buy a home in BC
 

https://www.theloop.ca/this-is-the-m...across-canada/
Meanwhile, elsewhere in Canada...
https://www.zoocasa.com/blog/these-a...ts-in-ontario/
:)
Yikes! Sorry, that was way too big http://www.rentseeker.ca/blog/index....ss-canada/1829
Hamilton ha got far more expensive since the Toronto crowd discovered it :(

Re: The income you need to buy a home in BC
 

That first link, so FREDERICTON and CHARLOTTETOWN are within our income range, but our income would drop in either place most likely.

Re: The income you need to buy a home in BC
 

Suppose one has $250,000 in cash. That's 20% down on 1,196,350 so there's just 957,080 left to pay. To get a mortgage for 957,080 you need an income of $320,000 (you have to meet other criteria too but that's one limiting factor). $163,193 is only halfway there and that's without considering the utter stupidity of taking the biggest loan the bank will give you.

I don't think the chart is at all realistic. I should, of course, have noticed at the outset that it's published by an estate agent and not tried to make sense of it.

Re: The income you need to buy a home in BC
 

Fredericton - $30,000
$97,500 and dozens in between.

Re: The income you need to buy a home in BC
 

Useful info. I am not good enough with math, but figured someone would be able to figure it out. :)

Re: The income you need to buy a home in BC
 

I've mentioned this before, but those property shows on TV flummox me. Young couple, early 30's, two young kids and a baby on the way (so factor in drops in income in recent years with maternity leaves), and their budget is $1.6m. How??

Not every couple across a whole series could have made a killing on the market, or had a wealthy parent leave them $800k, so what size are the mortgages these people are taking on?! Scares the bejeezus out of me.

Re: The income you need to buy a home in BC
 

According to the mortgage calculator affordability on that site, if making 15/hr working full-time with 10,000 could get a mortgage of 122,000.

Not sure how accurate the calculators are.

Re: The income you need to buy a home in BC
 

What happened to the old 3x salary multiplier ?

Re: The income you need to buy a home in BC
 

Houses got to expensive in parts of Canada and incomes didn't follow the trend.