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Affordability options still remain in Vancouver's apartment market


Affordability options still remain in Vancouver


The blistering heat of the Vancouver residential real estate market is especially apparent in the city’s detached houses – but fortunately for affordability hunters, some viable options still remain in the apartment segment.

Using August 2018 benchmark price data from the Real Estate Board of Greater Vancouver, a new analysis from information portal and brokerage Zoocasa found that Port Coquitlam is the best pocket of affordability in Metro Vancouver, as the average-priced apartment (valued at $471,700) requires an income of $69,782, which is $14,368 below the area’s median household income of $84,096.


North Surrey is also a good choice for apartments (benchmark price of $433,100), as this property type in this locale requires a minimum income of $64,463. This is $13,031 lower than the actual median income of $77,494.



1. West Vancouver
Benchmark Price: $1,190,200
Minimum Required Income: $167,738
Actual Median Income: $89,808
Income Gap: $77,930


2. Vancouver West
Benchmark Price: $825,000
Minimum Required Income: $117,922
Actual Median Income: $65,327
Income Gap: $52,292


3. Burnaby East
Benchmark Price: $782,800
Minimum Required Income: $112,165
Actual Median Income: $64,737
Income Gap: $47,428


4. Richmond
Benchmark Price: $685,500
Minimum Required Income: $98,892
Actual Median Income: $57,779
Income Gap: $41,113


5. Burnaby South
Benchmark Price: $717,800
Minimum Required Income: $103,298
Actual Median Income: $64,737
Income Gap: $38,561


FULL ARTICLE LINK 

https://www.mortgagebrokernews.ca/news/affordability-options-still-remain-in-vancouvers-apartment-market-247943.aspx

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