Minimum income needed to buy a home in Vancouver rises due to interest rates
Homes are pictured in Vancouver, Tuesday, April 16, 2019. THE CANADIAN PRESS/Jonathan Hayward
The minimum annual income needed to buy a home in Vancouver inched closer to $250,000 last month, according to an online mortgage brokerage.
Ratehub.ca publishes a monthly report calculating the amount using average home prices, mortgage rates and stress-test rates. In August, a person or household would need to make $246,100 to purchase a house in Vancouver.
The increase, according to Ratehub.ca, is due to interest rates and came despite a small dip in the average home price.
"As in previous months, housing affordability deteriorated by the largest extent in Vancouver," says James Laird, co-CEO of Ratehub.ca, in a news release.
"In Vancouver, despite the average home price decreasing by $2,300, affordability worsened due to the rise in mortgage rates, with $1,480 in additional income required to purchase a home.”
The list compares major markets across Canada and Vancouver earned the dubious distinction of having the highest average home price at $1,208,400.
According to 2021 census data, the median income for an individual in the city was $42,000. For a household it was $82,000. About one in five households have an income of $150,000 or more per year.
Vancouver also has one of the highest rankings in the country on the Gini index, which measures income inequality. Sixteen per cent of people in Vancouver have incomes among the top 10 per cent in Canada while 15 per cent have incomes in the bottom 10 per cent.
Shopping Trends
The Shopping Trends team is independent of the journalists at CTV News. We may earn a commission when you use our links to shop. Read about us.
CTVNews.ca Top Stories
'I'm so broken': Grieving family speaks out after B.C. cancer patient awaiting treatment chooses MAID
A devastated family says long waits for cancer treatment led a beloved father and grandfather to choose medically assisted death 13 days ago.
Poilievre threatens to delay MPs' holidays with House tactics, Gould warns of impact on Canadians
Conservative Leader Pierre Poilievre is threatening to delay MPs' holidays by throwing up thousands of procedural motions seeking to block Liberal legislation until Prime Minister Justin Trudeau backs off his carbon tax. It's a move Government House Leader Karina Gould was quick to condemn, warning the Official Opposition leader's 'temper tantrum' tactics will impact Canadians.
BREAKING
BREAKING Oil and gas emissions cap coming Thursday, targets 2026 start date
Canada is poised to outline a federal emissions cap on the oil and gas sector using a cap-and-trade framework that would begin as early as 2026, says a federal government source.
Director behind bold and controversial TV comedies has died
Norman Lear, the writer, director and producer who revolutionized prime time television with 'All in the Family' and 'Maude,' propelling political and social turmoil into the once-insulated world of sitcoms, has died. He was 101.
Regina man uses 3D printer to transform house into Clark Griswold-inspired Christmas display
A Regina man has made himself the real life Clark Griswold by going beyond the limits of a standard Christmas lights display.
A young nurse suffered cardiac arrest while training on the condition. Fellow nurses saved her life
Andy Hoang was excited about attending a November practice session on how to respond to someone in cardiac arrest. But as things were getting under way at Dartmouth-Hitchcock Medical Center, Hoang, 23, started to feel dizzy and nauseated. She felt she needed to sit down.
Boston woman paddleboarding near Bahamas resort killed in shark attack, police say
A 44-year-old American visiting the Bahamas from Boston was killed in a shark attack while paddleboarding near a beach resort Monday, according to local authorities.
Bank of Canada holds its key interest rate steady at 5% in final decision of 2023
The Bank of Canada once again held its key interest rate steady at five per cent Wednesday, encouraged by evidence that higher rates are helping bring inflation down.
'I am begging you': Father of shooting victim urges senators to pass Canadian gun bill
As ceremonies mark the 34th anniversary of the massacre of 14 female students in Montreal, the father of a woman who was fatally shot in October by her former partner is urging senators to pass a gun-control bill without delay.
Vancouver Island
-
'I'm so broken': Grieving family speaks out after B.C. cancer patient awaiting treatment chooses MAID
A devastated family says long waits for cancer treatment led a beloved father and grandfather to choose medically assisted death 13 days ago.
-
'It has had a good run': Cowichan Valley residents are ready to part with the world's largest hockey stick
As the saying goes, all good things must come to an end. It’s estimated that a fix would cost $1.5 million to $2 million, therefore the Cowichan Valley Regional District began a lengthy public consultation process of what to do next.
-
Bank of Canada holds its key interest rate steady at 5% in final decision of 2023
The Bank of Canada once again held its key interest rate steady at five per cent Wednesday, encouraged by evidence that higher rates are helping bring inflation down.
Calgary
-
Threatening voicemail leads to charges against Calgary man
Calgary police say charges have been laid against a man they say made several threatening statements to staff at a local Islamic community centre.
-
7 new record highs set in Alberta amid balmy December weather
Though we're just two weeks away from the first official day of winter, seven communities in Alberta set new weather records on Monday thanks to the balmy temperatures.
-
WEATHER
WEATHER Highway travel west of Calgary expected to deteriorate Wednesday and Thursday
After record heat in southern Alberta and B.C. Tuesday, Wednesday’s forecast mirrors the US post office creed – with rain, sleet, snow and ice all possible.
Edmonton
-
Man arrested following shooting outside Kingsway Mall
A man is in custody following a shooting outside Kingsway Mall, the Edmonton Police Service said Tuesday night.
-
Man, 60, dead in Fort McKay; RCMP continue search for wanted man
A shelter-in-place order in a northern Alberta community has now become a homicide investigation.
-
What you need to know about Big Air's return to Edmonton this weekend
Athletes got a chance to check out the slope at Commonwealth Stadium Wednesday ahead of the Big Air World Cup.
Toronto
-
Ontario G driving test changes done without safety evaluations, auditor finds
A decision to remove certain elements of the G class driving test in Ontario was done without safety evaluations or formal approval from cabinet, the province’s auditor general says.
-
'I'm never going to be satisfied': Ontario 'crypto king' lands in Australia as associate flees to Dubai
Ontario’s self-described ‘crypto king’ just landed in Australia, the latest destination in a months-long travel spree he’s prolifically posted about on social media, despite ongoing bankruptcy proceedings tied to the more than $40 million scheme he allegedly operated.
-
Moviegoers evacuated from Vaughan cinema after suspects sprayed unknown substance in theatre
About 200 people were forced to evacuate a movie theatre in Vaughan on Tuesday night after two suspects sprayed an unknown substance in the cinema during a screening.
Montreal
-
BREAKINGBREAKING Quebec will table new offer to public sector workers Wednesday afternoon
Quebec will table a new offer to public sector unions on Wednesday afternoon, the Common Front has confirmed.
-
Toddler dies after being found with serious injuries at daycare
Quebec provincial police are investigating the death of a toddler who was found injured at a home daycare near Montreal.
-
Montreal Paralympian says abysmal sidewalk snow clearing hurts people with disabilities
Paralympic athlete Alison Levine says she finds it ridiculous that the sidewalks are still a mess two days after major snowfall in Montreal.
Winnipeg
-
Two more adults charged following fatal stabbing of teen: RCMP
Two more adults have been charged in connection with the stabbing death of a 15-year-old boy in Kinosao Sipi on Saturday.
-
Moderate drought declared in Manitoba community
Residents of Morden, Man., are being urged to reduce their water usage after the city declared a moderate drought stage on Tuesday.
-
New Winnipegger wins $1 million lottery prize
A man who moved to Winnipeg last year in hopes of a safer future has now hit the jackpot after winning $1 million in the lottery.
Saskatoon
-
Sask. Mountie accused of murder sometimes slept in same room as his alleged victim, wife says
In her testimony, the wife of a former Saskatchewan RCMP officer painted a picture of a turbulent relationship between the Mountie and the man he's accused of murdering.
-
Two Saskatchewan grads win Rhodes Scholarships
A pair of University of Saskatchewan (U of S) grads have been awarded Rhodes Scholarships, and they’ll be heading to the University of Oxford in the fall with fully-funded post-graduate programs.
-
Sask. police watchdog investigating after woman dies following RCMP wellness check
Saskatchewan’s police watchdog is investigating after a woman died following a wellness check by RCMP in Wilkie.
Regina
-
Death investigation underway after body found in North Central home
Regina police and the province's coroners service are investigating after the body of a woman was found inside a North Central home.
-
Many Sask. Ukrainians in support of celebrating Christmas on December 25
Back in July, Ukrainian President Volodymyr Zelensky signed a law officially moving the Christmas Day holiday to Dec. 25 as opposed to Jan. 7, when the Russian Orthodox Church recognizes it.
-
Nearly half of Sask. residents polled want changes made to current pronoun law
Saskatchewan’s new pronoun law is garnering support from 55 per cent of people who took part in a recent Angus Reid Institute poll., but many also want to see changes made to the current legislation.
Atlantic
-
N.B. minister's comments on homeless state of emergency lack compassion: mayor
The mayor of a New Brunswick municipality that declared a state of emergency due to unprecedented levels of homelessness says he was taken aback by the dismissive comments on the matter from a provincial minister.
-
Key testing completed at Nova Scotia's proposed retirement home for captive whales
An ambitious plan in Nova Scotia to build North America's first coastal refuge for captive whales has reached a critical phase.
-
'Our hearts are broken': Glace Bay gift shop closing its doors after nearly 40 years in business
After nearly 40 years in business, Brenda and Mel Bryden are saying goodbye to their customers and their store.
London
-
Humane Society needs $300,000 by the end of December
The organization has surpassed 86 per cent of the funding required to build its new Old Oak Animal Campus, currently being constructed at 1414 Dundas St.
-
Guilty verdict returned for man charged with dangerous driving causing death
Sarah Jones was well-known in the city as the managing editor of Business London Magazine and described as big-hearted, with a smile that would light up a room.
-
Car slams into building during Wednesday morning commute
No injuries are reported after a vehicle struck a building just west of downtown London. According to police, it happened at 6:53 a.m. at the corner of Oxford Street west and Wharncliffe Road.
Northern Ontario
-
Ontario woman says she's shocked and angry after losing $80,000 in roofing scam
An Ontario woman said she was shocked and angry after handing over $80,000 to a roofing company that claimed she had problems with her roof that didn't exist.
-
Science North struggling with $10M in cost overruns, poor planning, auditor says
Poor planning and project management led to a $10 million increase in Science North’s Go Deeper project, Ontario’s acting auditor general says.
-
Lack of official strategy affecting northern Ontario health-care: Auditor General report
The effectiveness of northern Ontario hospital care is the focus of one of the Auditor General's annual value-for-money reports released Wednesday.
Kitchener
-
WATCHWATCH Kitchener man jumps into action to intervene in an alleged sexual assault
A Kitchener man is still grappling with what he witnessed on Monday morning when an alleged sexual assault happened right outside his home.
-
Local animal control service facing tough choices after 12 dogs found on roads
Hillside Kennels Animal Control near Woodstock, Ont. is desperately seeking homes for the dogs -- before it's too late.
-
Proposal to Waterloo council would see 12 highrises built on former factory site
A proposed development could dramatically change Waterloo’s skyline.
