Using August 2018 benchmark price data from the Real Estate Board of Greater Vancouver, a new study from information portal and brokerage Zoocasa found that the city’s detached homes have become impossible options for a vast majority of hopeful buyers.
This was true even in the lowest-priced markets for this housing type. In Maple Ridge, households earning the median income of $86,178 would still need $35,602 more for a detached home.
The Zoocasa study came in the wake of a global price analysis released by The Economist last month, which ranked Vancouver the 5th most overvalued urban real estate market worldwide, and Canada the 3rd most overvalued country in terms of housing values.
The study also found that homes in Vancouver are priced 65% higher than they should be based on local incomes.
Read more: Housing makes young adults in Toronto, Vancouver ‘miserable’
Zoocasa noted in its report that the 5 most expensive Metro Vancouver markets for detached houses are as follows:
Rank 1 - Vancouver West
Benchmark Price: $3,278,500
Minimum Required Income: $450,292
Actual Median Income: $65,327
Income Gap: $384,965
Rank 2 - West Vancouver
Benchmark Price: $2,832,600
Minimum Required Income: $389,468
Actual Median Income: $89,808
Income Gap: $299,660
Rank 3 - Richmond
Benchmark Price: $1,669,900
Minimum Required Income: $230,866
Actual Median Income: $57,779
Income Gap: $173,087
Rank 4 - North Vancouver
Benchmark Price: $1,649,700
Minimum Required Income: $228,110
Actual Median Income: $67,119
Income Gap: $160,991
Rank 5 - Burnaby South
Benchmark Price: $1,621,000
Minimum Required Income: $224,195
Actual Median Income: $64,737
Income Gap: $159,458
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