Vancouver’s Housing Market Surge: Income Requirement Hits $246,900

The minimum family income required to purchase an average home in Vancouver has increased by over $25,000 in just eight months. This is due to rising home prices and higher borrowing costs. The necessary annual income for a mortgage qualification is now $246,900, significantly higher than the average family income in Vancouver. The housing crisis in Canada continues to affect affordability, with many residents facing discrimination and struggling to meet basic needs.