Vancouver is home to giant mountains, giant trees, and giant price tags in the housing market. Despite the city's real estate reputation, however, Vancouver housing prices are actually getting lower. But although costs are down since 2018, you might still have to save for a while to buy that apartment.
We've all heard how crazy Vancouver's housing situation is, with some of its humblest homes available for no less than a million.
Now, the online brokerage Zoocasa found exactly how much money it takes for a down payment across metro Vancouver.
Don't get freaked out by all the digits, by the way; you only need to pay a fraction of the full price, also called a "down payment," to secure a house. The rest you pay over time with a mortgage loan.
Through all municipalities in Metro Vancouver, on average, it'll cost you $1,248,000 for a house. Going by Canada's housing regulations, that's a down payment of $249,600.
Good news for Vancouver's house buyers, because prices actually dropped in every municipality since 2018, some by over $100,000.
It still isn't cheap, but the most affordable housing is in Maple Ridge, and that averages to roughly $824,900, with a down payment of $57,490.
Meanwhile, the most expensive housing is in West Vancouver at an average of $2,914,000. That's a down payment of $582,800.
In contrast, the average house in Canada costs just $504,350, with a minimum down payment of $25,217, says RE/MAX.
From ZooCasa a look at the various #homeprices across the Lower Mainland and the #FraserValley. Part of the mandate… https://t.co/ByYQzjLabo— CHBA - Fraser Valley (@CHBA - Fraser Valley) 1584146512.0
This map shows each region in metro Vancouver and the average price of a home's downpayment.
As pricey as houses are, at least they decreased in cost since 2018. Some apartments actually got more expensive since then.
The Home Buyers' Plan can be a great way to source funds for a home down payment. Check out our new report to learn… https://t.co/ZXxeYsv2Nq— Zoocasa (@Zoocasa) 1579805480.0
According to Canadian regulations, down payments are different for every home, depending on their price.
If your home is priced over a million, as many in Vancouver are, the down payment will be 20% of the total price.
A survey from Zoocasa estimates it would take a median-earning household 52 years to save up for a down payment on… https://t.co/zKPmfIuDgB— BuyProperly (@BuyProperly) 1579872630.0
It might take 52 years to buy and fully pay off the mortgage of a house here for millennials.
Given these spooky figures, you'll probably want to pick up a side hustle or five if you're looking to settle down here.