this post was submitted on 04 Aug 2023
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How much does one have to make to buy a $1.2 million home in Vancouver? (self.personalfinancecanada)
submitted 2 years ago* (last edited 2 years ago) by SkepticalButOpenMinded to c/personalfinancecanada
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That's the benchmark price in Vancouver. Let's say one has $300k for a downpayment. What does the household income, pre-tax, have to be to afford that home?

I know there are online calculators, but I'm not sure how accurate they are, and I figure this group will be more knowledgeable.

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[–] SkepticalButOpenMinded 4 points 2 years ago

Thanks. I always wonder what the reasoning for that percentage of gross income heuristic is, and whether the reasoning still applies today, given the state of the housing market. Obviously, there are risks to stretching too far, but there are also countervailing risks to staying out of the market when one can manage to make it work.