That’s the benchmark price in Vancouver. Let’s say one has $300k for a downpayment. What does the household income, pre-tax, have to be to afford that home?
I know there are online calculators, but I’m not sure how accurate they are, and I figure this group will be more knowledgeable.
~$240,000/yr household pre-tax income to qualify for a $900,000 30yr mortgage at 5.09% with a few assumptions.
Keep in mind that a $300k down payment is quite small for someone looking at a $1.2MM home ($240k is the absolute minimum). Most have a much larger chunk of equity from their prior condo before looking at a “benchmark” sized listing.