Required Income To Own A Home In Metro Vancouver

From the Greater Vancouver to Fraser Valley, real estate prices have been soaring. It was reported that 5,000 homes were sold the first time in the history of home sales in Metro Vancouver. Even in the Fraser Valley, 3,000 homes were sold, breaking records.

Even though the prices of homes are rising, we need to take a serious look and see how many homes are costing and the average required income to be able to pay your mortgage.

The Fraser Valley Real Estate Board that includes properties in Surrey, North Delta, Mission, Abbotsford and Mission said that the average property in the Fraser Valley was $741,000. That’s an increase of 25% from the previous year.

The average household income in British Columbia is $74,150 in 2013 according to Statistics Canada. Let’s keep this in the back of our minds while we are reading the figures below.

Required Income

Average income calculated with a 2.99% annual interest rate and 25 years of amortization. Property tax information was used from 2014 BC Assessment and benchmark prices for detached home were taken from Fraser Valley Real Estate and Greater Vancouver Board.

West Vancouver

  • Benchmark price of detached home: $2,799,900
  • Monthly property tax: $427.45
  • Monthly mortgage payment: $9,333
  • Average Annual Income: $517,982

Vancouver

  • Benchmark price of detached home: $2,180,200
  • Monthly property tax: $668.22
  • Monthly mortgage payment: $7,267
  • Average Annual Income: $403,337

North Vancouver

  • Benchmark price of detached home: $1,422,900
  • Monthly property tax: $519.93
  • Monthly mortgage payment: $4,743
  • Required Annual Income: $263,237

Richmond

  • Benchmark price of detached home: $1,413,500
  • Monthly property tax: $509.43
  • Monthly mortgage payment: $4,712
  • Required Annual Income: $261,498

Burnaby

  • Benchmark price of detached home: $1,282,433
  • Monthly property tax: $470.39
  • Monthly mortgage payment: $4,275
  • Required Annual Income: $237,250

Port Moody

  • Benchmark price of detached home: $1,210,800
  • Monthly property tax: $361.61
  • Monthly mortgage payment: $4,036
  • Required Annual Income: $223,998

Coquitlam

  • Benchmark price of detached home: $1,046,100
  • Monthly property tax: $284.44
  • Monthly mortgage payment: $3,487
  • Required Annual Income: $193,529

New Westminster

  • Benchmark price of detached home: $950,900
  • Monthly property tax: $483.57
  • Monthly mortgage payment: $3,170
  • Required Annual Income: $175,917

Surrey

  • Benchmark price of detached home: $837,500
  • Monthly property tax: $328.33
  • Monthly mortgage payment: $2,792
  • Required Annual Income: $154,938

Port Coquitlam

  • Benchmark price of detached home: $804,900
  • Monthly property tax: $264.40
  • Monthly mortgage payment: $2,683
  • Required Annual Income: $148,907

North Delta

  • Benchmark price of detached home: $771,300
  • Monthly property tax: $365.09
  • Monthly mortgage payment: $2,571
  • Required Annual Income: $142,691

Langley

  • Benchmark price of detached home: $747,900
  • Monthly property tax: $359.17
  • Monthly mortgage payment: $2,493
  • Required Annual Income: $138,362

Abbotsford

  • Benchmark price of detached home: $741,000
  • Monthly property tax: $487.81
  • Monthly mortgage payment: $2,470
  • Required Annual Income: $137,085

Maple Ridge

  • Benchmark price of detached home: $602,300
  • Monthly Property tax: $213.37
  • Monthly mortgage payment: $2,008
  • Required Annual Income: $111,426

Pitt Meadows

  • Benchmark price of detached home: $661,900
  • Monthly property tax: $359.53
  • Monthly mortgage payment: $2,206
  • Required Annual Income: $122,452

Mission

  • Benchmark price of detached home: $457,500
  • Monthly property tax: $301.17
  • Monthly mortgage payment: $1,525
  • Required Annual Income: $84,638