It’s long been assumed a move to the suburbs can make the dream of owning a detached home a reality.
But with Metro Vancouver real estate prices soaring, even that’s becoming a harder pill to swallow.
According to figures from the Fraser Valley real Estate Board, the benchmark price for a detached home in Langley is now $606,700.
Owning it requires an annual income of $96,000 and a $122,000 down payment.
In Abbotsford, the average prices are a bit more affordable.
$464,900 for a detached home – requiring a minimum income of $74,074 and a down payment of $92,980.
Figures from the Greater Vancouver Real Estate Board show the benchmark price of a home in Port Coquitlam is $646,700.
The annual income required? $101,575 with a down payment of $129,340.
Further east in Maple Ridge things become more at reach for the average family.
The benchmark price of a home is $499,100. To own it, a family needs a minimum annual income of $79,248 with a down payment of just under $100,000.
Options for owning a detatched home
That’s still out of reach for most, given the median gross income for households is around $74,000.
Vancity’s Senior Mortgage Development Manager Ryan McKinley says it forces people, even in the suburbs, to look at either renting a basement suite – or in some cases, living in the basement suite and renting the top floor.
“If we’re looking at a single detached home in Langley, with a suite earning $771, it brings the required annual income down from $95,000 to $66,000 dollars.”
Looking beyond mortgage helpers
McKinley says renting out a suite isn’t an option for everyone, so it’s forcing people to get creative.
“It used to be that many parents would just gift their children a down payment and co-sign for the mortgage. Many times now, we’re finding that parents, rather than just gifting their children a down payment, they actually decide to invest with them.”
McKinley says mixer mortgages are becoming more popular, allowing family members and even friends to co-own.
How much does it cost to own a home in Metro Vancouver? Take a look at our interactive map:
Find out how the numbers crunch.
(Information courtesy of Vancity Senior Mortgage Development Manager, Ryan McKinley)