this post was submitted on 04 Aug 2023
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That's the benchmark price in Vancouver. Let's say one has $300k for a downpayment. What does the household income, pre-tax, have to be to afford that home?

I know there are online calculators, but I'm not sure how accurate they are, and I figure this group will be more knowledgeable.

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[–] Stochastic@lemmy.ca 1 points 2 years ago

~$240,000/yr household pre-tax income to qualify for a $900,000 30yr mortgage at 5.09% with a few assumptions.

Keep in mind that a $300k down payment is quite small for someone looking at a $1.2MM home ($240k is the absolute minimum). Most have a much larger chunk of equity from their prior condo before looking at a "benchmark" sized listing.