Thu. Jun 20th, 2024
Condos In Victoria BC For Sale

How much do you need to make to buy a house in Victoria?

While housing affordability in B.C. has long been a concern, you may be surprised by the amount you need to buy a home in Victoria.

A report by mortgage rate comparison company RateHub found that would-be homebuyers need an annual income of $187,980 to buy a home in Victoria.

RateHub compiled this total using factors such as “stress-tested” mortgage rates, Canada’s 5.21 percent mortgage rate in June, and the city’s average home price of $985,500 last month.

Using these totals, RateHub estimates the average mortgage on a single-family home in the city to be $788,400.

This estimate assumes a 20% down payment, 25 years of amortization, $4,000 yearly in property taxes, and $150 a month for heating.

RateHub said the average income needed to buy a home in Canada increased between March and June, with the most significant increase in Victoria.

On average, Victorian homebuyers had to make $35,760 more in June than three months earlier, a 23 percent increase.

The annual income required to buy a home in Victoria was $152,220 as of March, according to RateHub.

Despite its size, Victoria still has the third-highest median annual income to buy a home in any major Canadian city, according to RateHub. In Vancouver, the median yearly pay for home purchases is $231,950, the highest in the nation, followed by Toronto at $226,500.

Condos In Victoria BC For Sale – See All Local Listings Now.

Is A Move In Your Future? View All Victoria BC Condos Today. Local Real Estate Agents. Full MLS. Variety of Property Types. Free MLS Search. Tour via Video Chat. User-Friendly Search. View Virtual Tours. School Ratings & Info. Experienced Agents. Map Search.