Median Family Income In Metro Vancouver Just $72,000
As first reported in the Vancouver Sun, new census data highlights just how out of whack housing prices have become from local incomes. The median total income for households in Metro Vancouver was a paltry $72,662.
Despite Vancouver having the priciest real estate by a long shot, incomes were only the 15th highest across the country.
Median Income In Downtown Vancouver $89,825.53
Using an interactive chart via Better Dwelling, the median household income in the Downtown peninsula was $89,825.53. Still a stretch considering the median condo price this year sits at $749,500. Costing you an average of $1051.41/ per square foot.
Here’s how it looks from a monthly carrying costs perspective. Assuming a 20% down payment, with a 3% mortgage interest rate over 25 years.
|Median Income||Median Condo Price||Monthly Mortgage Payment||Strata Fee||Monthly Taxes||Percentage of Pre-Tax Income|
Therefor based on today’s incomes it would cost about 44% of your pre tax income for a Downtown Vancouver condo. Keep in mind this does not included maintenance or extra insurance.
As per CMHC, they quantify affordable housing as no more than 33% of your pre tax income.
There’s no doubt Vancouver is an equity driven market, with local incomes having been detached from house prices a long time ago. That gap continues to widen with massive inflation in home prices and anemic wage growth.