Quote:
Originally Posted by Tapioca
In 2021, there were just over 14,000 detached sales within the territory of the Greater Vancouver Real Estate Board (from Poco to Vancouver/Richmond).
In 2020, there were nearly 70K people in the 35-44 age bracket in the Vancouver Census Metropolitan Area (Vancouver to Maple Ridge/Township of Langley) that had declared personal incomes of 100K or more. In the 45-54 age bracket, there were another 72K people with personal incomes of 100K or more. From 2015 to 2020, the number of 100K income individuals in the former bracket increased by over 33%, while in the latter, the increase was 16%.
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Just curious at what household income would you be comfortable offering $1.7 - 1.9M for a house? Mortgage + PPtax will be around $10K/month @ 6%.
At $100K individual income you're taking home $6K/month, $156K takes home $9k/month.
Lets assume both me and my partner make $156k x 2 (Managers in consulting), even at $18K/month, a $10K mortgage is insane. If one of us gets laid off, we're under water lol. I don't think that 100K - 150K range of people can compete on buying a house, unless they're only at the mid-point of their careers. A better breakdown is probably $150 - 200K+ earners.
Some of my previous bosses were baffled that you could earn $400K through small businesses locally and still need to consider if they can buy an older house in proper Van.