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Is your house making more than you?
An average home in Greater Vancouver now makes more than double what the average resident earns from working.
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An average home in Greater Vancouver now makes more than double what the average resident earns from working. In 2011, for example, the average home went up in value by 15% to $779,730 an increase of $103,877. The average income, meanwhile, was just $43,325. It’s just another sign that housing prices in Lotusland may be reaching unsustainable levels.
MoneySense Magazine, June 2012
Now that you mention it, everything makes sense. I will start my own study of my house this month.
Thanks, great post
That's funny! But. true… as a mortgage broker in Vancouver I'm always looking at these kind of numbers.
Another example of how Vancouver's prices are unsustainable. There isn't the consistent influx of investors from Hong Kong and Mainland China like there was in the past. Investing in places like Calgary makes a lot more sense in this day and age.
WITH ONE BASEMENT SUITE, 4 AVERAGE INCOMES PER HOUSE IS $173,300 INCOME; IT'S AFFORDABLE AS LONG AS THERE'S CHEAP MONEY. Income qualifies $700,000 mortgage if you care.
Wow, this is an interesting take on things! I agree with enesef, I wouldn't mind knowing how people can afford it.
I'm also curious to know how the average income stacks ups against average housing prices in Alberta (Calgary/Edmonton). They have higher paying jobs as far as I know and a more affordable housing market. Any insight?
This doesn't take into account the huge interest charges on holding a 700K mortgage!
Well I see this topic many times, but that's no answers related who's buyer in Vancouver and how the people can afford it. If the average income is around $ 43G