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
