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.

  • Stochastic
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    1 year ago

    ~$240,000/yr household pre-tax income to qualify for a $900,000 30yr mortgage at 5.09% with a few assumptions.

    Keep in mind that a $300k down payment is quite small for someone looking at a $1.2MM home ($240k is the absolute minimum). Most have a much larger chunk of equity from their prior condo before looking at a “benchmark” sized listing.

    • SkepticalButOpenMindedOP
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      1 year 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 — 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.