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.