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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[โ€“] SkepticalButOpenMinded 3 points 2 years ago

Thanks for the mortgage approval estimate. We're not at $240k income now, but we very well might be in a few years. So I'm considering yeeting into a home we can only barely afford โ€” perhaps with parents co-signing. In the past, I would've agreed with others that this is a bad idea, but, given the trends of the housing market, now I'm not so sure.

$300k down payment does not include $100k set aside as buffer.