What income do you need to afford a North Shore home?
What income do you need to afford a North Shore home? A recent study from Zoocasa looked at that. Spoiler, the North Shore isn't affordable.
Based on August 2018 benchmark prices for homes, and assuming a 20% downpayment with $100/month heating costs, Zoocasa calculated a required income of $389,468 in West Van, and $228,110 in North Van. Versus actual median household incomes as reported by Stats Canada, that equates to a $299.660 and $160,991 gap in incomes in West and North Vancouver respectively. Yikes.
How bad is that? In all of Metro Vancouver, West Vancouver ranked 2nd least affordable and North Vancouver 4th.
The good news if you're trying to buy on the Shore? There are some great older homes and strata title properties that are much less than the median house prices used in the study. We can help you find them. Contact us today at the form below for help.