How to Buy a House in Vancouver in 2024
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How to Buy a House in Vancouver in 2024

What You Should Know

  • Start by saving up for a down payment and boosting your credit score.
  • Closing costs can range from 3% to 4% of the home’s purchase price, so keep that in mind as you save.
  • Consider your lifestyle and space requirements – finding the perfect property type that suits your needs is key.
  • Buying a house in Vancouver is expensive, but there are down payment assistance programs available if you qualify.
  • With the highest home prices in the country, buying a house in Vancouver is a major financial decision. For prospective buyers, it’s a good idea to familiarize yourself with the steps to buying a home in Vancouver. This 10-step guide on how to buy a house in Vancouver can help make the process easier.

Before you start looking for a home, it’s important to understand the current real estate market in Vancouver. This gives you an idea of how much a home would cost and how much you would need to save up for. Based on current home prices in Vancouver as of October 2024, the average home is well over $1 million.

Would you be able to afford to buy a house in Vancouver? In the section below, we’ll look at what the minimum income required to buy an average home in Vancouver is, based on making the minimum down payment allowed at that home price for October 2024.

  • Minimum Income to Buy an Average Home in Vancouver:
  • $250,066
  • Minimum Down Payment: $250,066
  • Average Price: $1,250,329
  • —————————
  • Minimum Income to Buy an Average Detached Home in Vancouver:
  • $412,480
  • Minimum Down Payment: $412,480
  • Average Price: $2,062,39
  • —————————
  • Minimum Income to Buy an Average Attached Home in Vancouver:
  • $257,482
  • Minimum Down Payment: $257,482
  • Average Price: $1,287,408
  • —————————-
  • Minimum Income to Buy an Average Condo Apartment in Vancouver:
  • $162,408
  • Minimum Down Payment: $56,204
  • Average Price: $812,038

For an average home in Vancouver, you’ll need to make at least $250,066 per year to be able to buy a house in Vancouver with a minimum down payment. The larger the down payment that you make, the less income you would need to have. That’s because you’ll be borrowing a smaller mortgage amount.

For the average detached home in Vancouver, you’ll need an income of at least $412,480 per year, while attached homes require an income of at least $257,482. The average condo apartment needs an annual income of at least $162,408 per year.

These are based on current average home sold prices in Vancouver for October 2024. Read more about the income requirements to get a mortgagein Canada.

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