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Real eState

Vancouver real estate: Average income required to buy inches up

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2 weeks ago

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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.

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“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.

 

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Real eState

Toronto Restaurant Real Estate Putting A Squeeze On Owners – Storeys

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1 hour ago

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September 29, 2023

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Real eState

Why China’s Real Estate Crisis Is Different

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4 hours ago

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September 29, 2023

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(Bloomberg) —

The troubles facing highly indebted property developers in China have dominated conversations about the Asian nation’s economy and markets this year. Yet according to Rayliant Global Advisors’ Jason Hsu, there’s an important distinction between this housing crisis and previous ones elsewhere: The developers are the ones who are over-leveraged—not households. And that difference is guiding policymakers’ response.Hsu, chief investment officer of Rayliant and a co-founder of Research Affiliates, joined the What Goes Up podcast to discuss China and other emerging markets. “Chinese households are not levered when it comes to real estate,” he says. “They’re not levered because they can buy their first home with money down—and they pay quite a bit money down—and they generally have to sort of have enough income to cover the payment. That bankruptcy you’re seeing in the developer sector is very engineered. On the household side, there’s not a balance-sheet crisis, because they’re not buying real estate on leverage. So they really don’t think there’s a meaningful problem there.”

 

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A judge found Trump committed fraud in building his real-estate empire. Here's what happens next – The Associated Press

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12 hours ago

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September 29, 2023

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