Home buyer competition intensifies across Metro Vancouver’s housing market VANCOUVER, BC – March 2,…
No one but those perched atop the income ladder can afford to buy a home in Toronto and Vancouver, a new study confirms. For first-time homebuyers hoping to buy an average house with an average wage, the Prairies are a much better place to be, data compiled by real-estate search site Zoocasa.
And yet, Canada’s most expensive real-estate markets aren’t hemorrhaging young blood at the rate you’d think given their obscene home prices, according to a different report.
“For every millennial leaving a major Canadian city for more affordable digs in the same province, there are between seven and 12 millennials moving in from another country or province,” writes RBC economist Robert Hogue.
Vancouver Real Estate News, Market Updates, Insider Tips, Stats, & Analysis
That’s hard to believe when you look at Zoocasa’s numbers. In Vancouver, you’d need to be making at least $205,500 to qualify for a mortgage for a middle-of-the-road house worth $1.4 million. In other words, you’d need to be in the top 2.5 per cent of the income distribution to buy an average home.
In Toronto, you had better be making $125,000 — in the top 10 per cent of local incomes — if you want to purchase the typical home, now available for an eye-watering $873,000.