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Tapioca · 10-18-2015, 07:52 PM

The old rule of thumb about mortgage affordability was 3-3.5 times your income.

Unless you've been in the market a long time and have substantial equity, owning a detached or semi-detached in Vancouver or the near-burbs doesn't seem possible under the old rule. What is the new rule of thumb on mortgage affordability now? 5 times? 6 times one's income?

The numbers being thrown around are eye-watering now. Even if your average professional couple makes 200K/year (e.g. nurse and senior manager at a Big-4 or lawyer) with maybe 200-300K in equity from a condo or semi-detached, it's hard to imagine that they're the ones being able to compete for a detached in Burnaby.

10-18-2015, 07:52 PM	#4079
Tapioca OMGWTFBBQ is a common word I say everyday Join Date: Apr 2001 Posts: 5,200 Thanked 2,793 Times in 1,246 Posts Failed 81 Times in 54 Posts	The old rule of thumb about mortgage affordability was 3-3.5 times your income. Unless you've been in the market a long time and have substantial equity, owning a detached or semi-detached in Vancouver or the near-burbs doesn't seem possible under the old rule. What is the new rule of thumb on mortgage affordability now? 5 times? 6 times one's income? The numbers being thrown around are eye-watering now. Even if your average professional couple makes 200K/year (e.g. nurse and senior manager at a Big-4 or lawyer) with maybe 200-300K in equity from a condo or semi-detached, it's hard to imagine that they're the ones being able to compete for a detached in Burnaby.