{"id":15770,"date":"2018-09-12T04:00:35","date_gmt":"2018-09-12T08:00:35","guid":{"rendered":"http:\/\/www.zoocasa.com\/blog\/?p=15770"},"modified":"2018-12-12T10:59:23","modified_gmt":"2018-12-12T15:59:23","slug":"metro-vancouver-housing-affordability","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/metro-vancouver-housing-affordability\/","title":{"rendered":"How Unaffordable is the Metro Vancouver Housing Market? [Report]"},"content":{"rendered":"<p>Real estate affordability continues to be a hot-button issue for home buyers in Canada\u2019s most expensive markets \u2013 but whether or not a home is financially feasible goes beyond a low average home price. For a region to truly be considered affordable, home prices must also be in line with the incomes earned by local residents \u2013 a very tall order in markets like Vancouver, where starter houses have well surpassed the $1-million mark.<\/p>\n<p>In fact, according to new data compiled by Zoocasa, there isn\u2019t a single market across Metro Vancouver where a household earning the median income can afford <a href=\"https:\/\/www.zoocasa.com\/houses\">houses for sale<\/a>\u00a0\u2013 and only seven where they could purchase a strata apartment.<\/p>\n<h2>A Severe Income Gap Across the Metro Vancouver Region<\/h2>\n<p>To assess home buyer affordability across the Metro Vancouver region, Zoocasa analyzed the benchmark detached house and apartment prices, as well as the minimum income required to purchase and carry such a property, in 21 markets. This required income was then compared to the actual median household incomes in each region, which were sourced from Statistics Canada, highlighting the income gap that exists between current home values and incomes.<\/p>\n<p>For buyers who aspire to own a detached house, this gap is staggering, even in the most affordable\u00a0<a href=\"https:\/\/www.zoocasa.com\/vancouver-bc-real-estate\">Vancouver MLS<\/a>\u00a0markets; for example, a Maple Ridge household that earns the median of $86,178 would still be $35,602 short for a detached house purchase. In Metro Vancouver\u2019s most expensive market, Vancouver West, this gap is a gargantuan $384,965.<\/p>\n<p>However, those who wish to purchase an apartment on a median income do have some options to choose from. Check out the infographics below to see which Metro Vancouver markets are the most (and least) aligned with incomes for both apartments\u00a0and detached homes.<\/p>\n<p><em>Benchmark apartment and detached house prices for each region were sourced from the Real Estate Board of Greater Vancouver and Fraser Valley Real Estate Board for August 2018. The income required to afford a benchmark detached home assumes a 20% down payment and assumes heating costs of $100\/month. The income required to afford an apartment assumes a 20% down payment, heating costs of $50\/month and condo fees of $250\/month.<\/em><\/p>\n<p><img \/><a href=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2018\/09\/metro-vancouver-housing-affordability-income-gap-detached-house.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-15774 size-full\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2018\/09\/metro-vancouver-housing-affordability-income-gap-detached-house.png\" alt=\"metro-vancouver-housing-affordability-income-gap-detached-house\" width=\"1301\" height=\"3880\" data-id=\"15774\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2018\/09\/metro-vancouver-housing-affordability-income-gap-detached-house.png 1301w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2018\/09\/metro-vancouver-housing-affordability-income-gap-detached-house-101x300.png 101w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2018\/09\/metro-vancouver-housing-affordability-income-gap-detached-house-768x2290.png 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2018\/09\/metro-vancouver-housing-affordability-income-gap-detached-house-343x1024.png 343w\" sizes=\"auto, (max-width: 1301px) 100vw, 1301px\" \/><\/a><\/p>\n<h3>Top 5 Least Affordable Metro Vancouver Markets for Detached Homes<\/h3>\n<p><strong>1 \u2013 Vancouver West<\/strong><br \/>\nBenchmark Price: $3,278,500<br \/>\nMinimum Required Income: $450,292<br \/>\nActual Median Income: $65,327<br \/>\n<strong>Income Gap: $384,965 <\/strong><\/p>\n<p><strong>2 \u2013 West Vancouver<\/strong><br \/>\nBenchmark Price: $2,832,600<br \/>\nMinimum Required Income: $389,468<br \/>\nActual Median Income: $89,808<br \/>\n<strong>Income Gap: $299,660<\/strong><\/p>\n<p><strong>3 \u2013 Richmond<\/strong><br \/>\nBenchmark Price: $1,669,900<br \/>\nMinimum Required Income: $230,866<br \/>\nActual Median Income: $57,779<br \/>\n<strong>Income Gap: $173,087<\/strong><\/p>\n<p><strong>4 \u2013 North Vancouver<\/strong><br \/>\nBenchmark Price: $1,649,700<br \/>\nMinimum Required Income: $228,110<br \/>\nActual Median Income: $67,119<br \/>\n<strong>Income Gap: $160,991<\/strong><\/p>\n<p><strong>5 \u2013 Burnaby South<\/strong><br \/>\nBenchmark Price: $1,621,000<br \/>\nMinimum Required Income: $224,195<br \/>\nActual Median Income: $64,737<br \/>\n<strong>Income Gap: $159,458<\/strong><\/p>\n<h3>Top 5 Most Affordable Metro Vancouver Markets for Detached Homes<\/h3>\n<p><strong>1 \u2013 Maple Ridge<\/strong><br \/>\nBenchmark Price: $870,200<br \/>\nMinimum Required Income: $121,780<br \/>\nActual Median Income: $86,178<br \/>\n<strong>Income Gap: $35,602<\/strong><\/p>\n<p><strong>2 \u2013 North Delta<\/strong><br \/>\nBenchmark Price: $949,900<br \/>\nMinimum Required Income: $132,652<br \/>\nActual Median Income: $92,300<br \/>\n<strong>Income Gap: $40,352<\/strong><\/p>\n<p><strong>3 \u2013 Pitt Meadows<\/strong><br \/>\nBenchmark Price: $941,500<br \/>\nMinimum Required Income: $131,506<br \/>\nActual Median Income: $86,912<br \/>\n<strong>Income Gap: $44,594<\/strong><\/p>\n<p><strong>4 \u2013 Bowen Island<\/strong><br \/>\nBenchmark Price: $984,800<br \/>\nMinimum Required Income: $137,548<br \/>\nActual Median Income: $89,856<br \/>\n<strong>Income Gap: $47,692<\/strong><\/p>\n<p><strong>5 \u2013 Ladner<\/strong><br \/>\nBenchmark Price: $1,010,200<br \/>\nMinimum Required Income: $140,877<br \/>\nActual Median Income: $90,709<br \/>\n<strong>Income Gap: $50,168<\/strong><\/p>\n<p><img \/><a href=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2018\/09\/metro-vancouver-housing-affordability-income-gap-apartment-updated.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-15778 size-full\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2018\/09\/metro-vancouver-housing-affordability-income-gap-apartment-updated.png\" alt=\"metro-vancouver-housing-affordability-income-gap-apartment\" width=\"1301\" height=\"3880\" data-id=\"15778\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2018\/09\/metro-vancouver-housing-affordability-income-gap-apartment-updated.png 1301w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2018\/09\/metro-vancouver-housing-affordability-income-gap-apartment-updated-101x300.png 101w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2018\/09\/metro-vancouver-housing-affordability-income-gap-apartment-updated-768x2290.png 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2018\/09\/metro-vancouver-housing-affordability-income-gap-apartment-updated-343x1024.png 343w\" sizes=\"auto, (max-width: 1301px) 100vw, 1301px\" \/><\/a><img \/><\/p>\n<h3>Top 5 Least Affordable Metro Vancouver Markets for Apartments<\/h3>\n<p><strong>1 \u2013 West Vancouver<\/strong><br \/>\nBenchmark Price: $1,190,200<br \/>\nMinimum Required Income: $167,738<br \/>\nActual Median Income: $89,808<br \/>\n<strong>Income Gap: $77,930<\/strong><\/p>\n<p><strong>2 \u2013 Vancouver West<\/strong><br \/>\nBenchmark Price: $825,000<br \/>\nMinimum Required Income: $117,922<br \/>\nActual Median Income: $65,327<br \/>\n<strong>Income Gap: $52,292<\/strong><\/p>\n<p><strong>3 \u2013 Burnaby East<\/strong><br \/>\nBenchmark Price: $782,800<br \/>\nMinimum Required Income: $112,165<br \/>\nActual Median Income: $64,737<br \/>\n<strong>Income Gap: $47,428<\/strong><\/p>\n<p><strong>4 \u2013 Richmond<\/strong><br \/>\nBenchmark Price: $685,500<br \/>\nMinimum Required Income: $98,892<br \/>\nActual Median Income: $57,779<br \/>\n<strong>Income Gap: $41,113<\/strong><\/p>\n<p><strong>5 \u2013 Burnaby South<\/strong><br \/>\nBenchmark Price: $717,800<br \/>\nMinimum Required Income: $103,298<br \/>\nActual Median Income: $64,737<br \/>\n<strong>Income Gap: $38,561<\/strong><\/p>\n<h3>Top 5 Most Affordable Metro Vancouver Markets for Apartments<\/h3>\n<p><strong>1 \u2013 Maple Ridge<\/strong><br \/>\nBenchmark Price: $374,200<br \/>\nMinimum Required Income: $56,428<br \/>\nActual Median Income: $86,178<br \/>\n<strong>Income Surplus: $29,750<\/strong><\/p>\n<p><strong>2 \u2013 North Delta<\/strong><br \/>\nBenchmark Price: $432,400<br \/>\nMinimum Required Income: $64,638<br \/>\nActual Median Income: $92,300<br \/>\n<strong>Income Surplus: $27,662<\/strong><\/p>\n<p><strong>3 \u2013 Ladner<\/strong><br \/>\nBenchmark Price: $470,700<br \/>\nMinimum Required Income: $69,592<br \/>\nActual Median Income: $90,709<br \/>\n<strong>Income Surplus: $21,117<\/strong><\/p>\n<p><strong>4 \u2013 Port Coquitlam<\/strong><br \/>\nBenchmark Price: $471,700<br \/>\nMinimum Required Income: $69,782<br \/>\nActual Median Income: $84,096<br \/>\n<strong>Income Surplus: $14,361<\/strong><\/p>\n<p><strong>5\u2013 North Surrey<\/strong><br \/>\nBenchmark Price: $433,100<br \/>\nMinimum Required Income: $64,463<br \/>\nActual Median Income: $77,494<br \/>\n<strong>Income Surplus: $13,031<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Real estate affordability continues to be a hot-button issue for home buyers in Canada\u2019s most expensive markets \u2013 but whether or not a home is financially feasible goes beyond a low average home price. For a region to truly be considered affordable, home prices must also be in line with the incomes earned by local [&hellip;]<\/p>\n","protected":false},"author":39,"featured_media":15777,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"footnotes":""},"categories":[1107,587],"tags":[741,421],"class_list":["post-15770","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-infographics","category-vancouver-real-estate","tag-bc","tag-vancouver"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How Unaffordable is the Metro Vancouver Housing Market? | Zoocasa<\/title>\n<meta name=\"description\" content=\"It&#039;s common knowledge that the Metro Vancouver housing market is expensive - but just how wide is the income gap for buyers who earn the...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zoocasa.com\/blog\/metro-vancouver-housing-affordability\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How Unaffordable is the Metro Vancouver Housing Market? | Zoocasa\" \/>\n<meta property=\"og:description\" content=\"It&#039;s common knowledge that the Metro Vancouver housing market is expensive - but just how wide is the income gap for buyers who earn the...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zoocasa.com\/blog\/metro-vancouver-housing-affordability\/\" \/>\n<meta property=\"og:site_name\" content=\"Zoocasa Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Zoocasa\" \/>\n<meta property=\"article:published_time\" content=\"2018-09-12T08:00:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2018-12-12T15:59:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2018\/09\/metro-vancouver-housing-affordability-income-gap-blog-2.png\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"343\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Penelope Graham\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:site\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Penelope Graham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/metro-vancouver-housing-affordability\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/metro-vancouver-housing-affordability\/\"},\"author\":{\"name\":\"Penelope Graham\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#\/schema\/person\/9a2554dc39c550f5ef3339b25aa1f09c\"},\"headline\":\"How Unaffordable is the Metro Vancouver Housing Market? 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