Pockets of affordability
The benchmark price of a detached home in Greater Vancouver
as of March 2006 reached $610,382, an increase of 21 per cent over 2005,
an increase of 55.5 per cent since 2003 and an increase of 79.5 per cent
since 2001. For home hunters this isn’t good news. For those who
got their foot in the door a few years ago (or long ago) and have home
equity, trading up is possible.
But for first-time buyers eager to buy their first
home, the Board’s benchmark detached home price of $610,000 is likely
too high, even if they reach up, way up.
If you look at our March 2006 statistical news
release you will see the following benchmark prices.
| DETACHED | ||
| Property Type | Benchmark Price | Annual household |
| (least expensive) | income required * | |
| Detached home | ||
| Sunshine Coast | $365,527 | $80,312 |
| Maple Ridge | $382,186 | $83,982 |
Pockets of affordability
However, when we search www.realtylink.org,
there are MLS® detached homes priced less than $300,000 in Coquitlam,
Ladner, Maple Ridge and Port Coquitlam.
Annual household income required to buy a $300,000
home: $65,922
If buyers can afford up to $350,000 they can also find detached homes
in: New Westminster, Pitt Meadows and Vancouver East.
Annual household income required to buy a $350,000 home: $76,909
| ATTACHED | ||
| Property Type | Benchmark Price | Annual household |
| (least expensive) | income required * | |
| Attached home | ||
| (Townhouse) | ||
| Maple Ridge/Pitt Meadows | $254,460 | $55,915 |
| Port Moody | $325,218 | $71,464 |
| Port Coquitlam | $327,434 | $71,951 |
| Coquitlam | $349,650 | $76,832 |
Pockets of affordability
However, when we search www.realtylink.org,
there are MLS® attached homes priced less than $230,000 in Burnaby,
Coquitlam, Maple Ridge, North Vancouver, New Westminster, Pitt Meadows,
Port Moody and Richmond.
Annual household income required: $50,540
If buyers can afford up to $300,000 they can also find homes in Ladner,
Port Coquitlam, Vancouver East and Vancouver West.
Annual household income required: $65,922
| APARTMENT | ||
| Property Type | Benchmark Price | Annual household |
| (lease expensive) | income required * | |
| Apartment | ||
| Port Coquitlam | $197,940 | $43,496 |
| Maple Ridge/Pitt Meadows | $199,578 | $43,855 |
| New Westminster | $225,720 | $49,855 |
| Coquitlam | $229,323 | $50,392 |
Pockets of affordability
However, when we search www.realtylink.org,
there are MLS® apartments priced less than $210,000 in Burnaby, Coquitlam,
Ladner, Maple Ridge, North Vancouver, New Westminster, Pitt Meadows, Port
Moody, Port Coquitlam, Richmond, Tsawwassen, Vancouver East and West Vancouver.
Annual household income required: $46,146
For Vancouver West, the most affordable apartment is $214.900.
Annual household income required: $47,222
* Based on 5.5% mortgage rate amortized 25 years on a 90% loan of the purchase price (10% downpayment).