Download - Metro Vancouver Benchmark Housing Prices
What Does It Take to Buy a Home in Metro Vancouver?
*Information provided courtesy of Vancity Senior Mortgage Development Manager, Ryan McKinley
Single Detached House
CityLangleyAbbotsford Port Coquitlam Maple Ridge North Surrey
Price$606,700$464,900$646,700$499,100$588,800
20% down payment$121,340$92,980$129,340$99,820$117,760
Mortgage$485,360$371,920$517,360$399,280$471,040
Payment$2,245$1,720$2,393$1,847$2,179
Add taxes $202$155$216$166$196
Add heat$100$100$100$100$100
Total$2,547$1,975$2,709$2,113$2,475
Minimum monthly income (32%)$7,960$6,173$8,465$6,604$7,735
Minimum annual income$95,524$74,074$101,575$79,248$92,817
With Suite
Income from suite$771$691$923$708$760
Total payment after suite$1,776$1,284$1,786$1,405$1,715
Minimum monthly income (32%)$5,551$4,013$5,580$4,391$5,360
Minimum annual income$66,612$48,162$66,963$52,698$64,317
With renting out top (2 x basement rent)
Income from main floor$1,542$1,382$1,846$1,416$1,520
Total payment after rental$1,005$593$863$697$955
Minimum monthly income (32%)$3,142$1,854$2,696$2,179$2,985
Minimum annual income$37,699$22,249$32,350$26,148$35,817
Townhouse
CityLangleyAbbotsfordPort CoquitlamMaple RidgeNorth Surrey
Price$300,000$229,000$399,400$278,500$249,600
20% down payment$60,000$45,800$79,880$55,700$49,920
Mortgage$240,000$183,200$319,520$222,800$199,680
Payment$1,110$847$1,478$1,031$924
Add taxes $100$76$133$93$83
Add heat$100$100$100$100$100
Total$1,310$1,024$1,711$1,223$1,107
Minimum monthly income (32%)$4,094$3,199$5,347$3,823$3,459
Minimum annual income$49,130$38,390$64,166$45,878$41,506
Condo
CityLangleyAbbotsfordPort CoquitlamMaple RidgeNorth Surrey
Price$196,300$150,600$236,000$173,800$188,500
20% down payment$39,260$30,120$47,200$34,760$37,700
Mortgage$157,040$120,480$188,800$139,040$150,800
Payment$726$557$873$643$698
Add taxes $65$50$79$58$63
Add heat$100$100$100$100$100
Total$892$707$1,052$801$860
Minimum monthly income (32%)$2,787$2,211$3,287$2,503$2,689
Minimum annual income$33,444$26,531$39,449$30,040$32,264
Mortgage rate2.79%
Amortization25 years
*The rental figures are adapted from the CMHC 2014 Rental Market Report
**The price figures are adapted from monthly statistics provided by the Real Estate Board of Greater Vancouver and the Fraser Valley Real Estate Board.
