After watching this video, which area in Vancouver are you thinking of moving to? Call/Text Direct - 604-831-4837 email: sebastian@albrechtgroup.ca website: www.calendly.com/albrechtgroup
And it's important to know it shouldn't be, our economy has been artificially inflated and now we will be the ones to pay. 60% of Canadians are making less than 70k a year 60% of our own country cannot think about buying a home with out signing away life long debts....
I know everyone thinks real estate agents want prices higher. The truth is that if more people could afford homes, my job would be a lot easier. And, I worry about my children being able to afford to live in Vancouver (the city I was born and raised in) when they grow up. So, I hear you @madayis9707. I can't speak for the rest of Canada, but I don't see Vancouver getting less expensive. It's too small and too desirable on a national and international level.
Hi @Neililaxx…that’s your total pre-tax household income…doesn’t matter if you are one income earner or more than one…these same rough calculations would apply.
Your content has been very good overall. This current video on affordability based on salary would have been more informative if it separated the the salary requirements for purchasing detached vs. attached properties. Most users looking at your information are probably looking at condos in these areas. Two videos would work better: one for houses and one for condos.
Thanks for watching @louiezioulas791 and for sharing this feedback. The idea of the video was to give a rough overview of the entire region...I hadn't thought of splitting up videos, but I did end up deciding that covering all three housing types (detached, attached and condos) would have been too much for this one video. I think you have a point that there would be value in making more specific and detailed separate videos. Perhaps that's an idea for down the road.
Watching this video for the second time gave me an epiphany. Our primary focus should be on a detached home, outside of Vancouver by 30-50km with a value of $1,000,000. Ideally lower crime, close access to Chinese grocery stores, and a decent walking index for daily activities. This would give us a lot of freedom. With our son, and a TH-cam business, I can't see a condo working. From what I see in this video, this gives us a lot of options. I also watched your video on what you need to make. We won't have a mortgage, and no strata fees making this a better option, though we will likely need a car. Vancouver is still preferred, but I'm not sure we can afford the options. It's about long term sustainability for us...
@OrdinaryFilmmaker The trouble would be that the areas in the suburbs with houses in that price range wouldn't be walkable. They are suburban. And those walkable areas in the more distant suburbs (where you could possibly find a house closer to $1M) are usually the areas that you wouldn't really want to live in (if you can avoid it).
@@LivingInVancouver-BC I figure that is the mostly likely outcome, but I wonder if there are exceptions. I live in a small town in the GTA. I can walk to most things. I'm wondering if it possible to find some neighbourhoods where we can walk to dentist, grocery, hardware, Canadian tire kind of shops. If it looks like everything is a drive, then what if we go up to 1.5M? These are some things I have been thinking of as I rewatched some of your videos today. Not having unlimited funds, I have realized I have to push boundaries and see what clicks. We have t be careful not to be blind to the vision of what we want, but also remember the capabilities we want... glad we have time on our side...
At a $1M I think it would be nearly impossible to find the type of place you are referring to. At $1.5M it's more likely...but keep in mind all the "walkable" areas in Metro Vancouver are seeing immense development pressure (being the areas closest to the core and transit)...so those single family residential neighborhoods are disappearing quickly. A townhouse in those areas might be more likely (and not as expensive).
@@LivingInVancouver-BC I stand by the capabilities we want - our target state; but we might need a reality check. It's a lot of information to dig through. Your videos have helped open our eyes.
These figures are for all homes including condos. You can't buy a detached home in any of the areas mentioned unless you pay at least double the typical home price in this vid. If you want a nicer detached home you will have to pay 3-4 times the average home price.
Hi @markadler8968. Thank you for taking the time to watch the video and share your observation. You are absolutely right that the HPI Price Index isn't specifically indicating the value of a house in these areas...it indicates what a typical home in that city costs (as I mention in the video). For simplicity (and time), I didn't break these numbers down into the different housing options. ALL of my other videos are very specific about prices for each housing type. Given the sheer volume of areas I was trying to cover here, there simply wasn't time to do that here. The idea with this video was to give viewers a rough idea of affordability based on income. More investigation would need to be done by the viewers depending on their housing preference.
As some of the other posters have said, the HPI metric you're using really isn't the best for this type of video because the different cities have a vastly different mix of property types. For example, New Westminster has a far higher concentration of smaller property types (condos) versus the other two municipalities you have in that income bracket (Pitt Meadows has very few condos and Mission almost none) It would probably be a better idea to pick an asset class (1br condo, townhouse, detached, etc...) to compare the different affordability points that you're trying to get across and to show affordability for that asset class.
I hear you, @philisdaman99. And I appreciate you watching and sharing your opinion. I know that there are limitations to the data here (and incidentally, in other videos I get very specific about prices of different property types). My vision for this video was to do something a little different. To give a broad overview of affordability through the region...to help people see the bigger picture that I don't really see talked about much. As you suggest, there could be value in breaking it down into specific property types (unfortunately, we don't get HPI broken down into specifics such as number of bedrooms - just detached, townhouse or apartment). In any case, perhaps this could become a series in the not too distant future. Thanks again @philisdaman99!
The average income for metro Vancouver is very average like $90K, so it's very unaffordable to live there. I have family there and wanted to move, but I make single income $95K, so I can't afford to live there. I don't like commuting 2 hours daily either or live in basements. I'll probably live in Regina and visit family there.
You aren't factoring in taxes, or you will need to amend this to say your after-tax income which makes this all the more abysmal. For instance, the after tax income of someone who makes $225,000 is $141,710 in BC, leaving just 11,809 per month, a far cry from the $16,260 you mention needing for Burnaby. To clear that you'd need to make almost $340,00 in pre-tax employment income. This puts you in the firmly in the 1%. For North Van you'd need over $450,000 in pre-tax income. Does anyone think that's reasonable?
Hi Sebastian, I plan to move to Vancouver/suburb in coming fall season as my daughter will go to SFU. But her first year would be at Surrey campus and rest of 3 years would be at Burnaby campus. I will be working at UBC campus. Could you please suggest few good neighbourhoods from where it would be easy to commute to UBC ( for me) and SFU( for my daughter considering her first year at Surrey campus. I don't want to shift my rental accommodation( one bedroom apartment or decent basement) frequently and looking for a place where I can live safely with my family of 4 members, for next 4 years/ until her graduation. Thanks in advance.
Hi @maishaanwer6143! Hmm. That's tough. There's a big difference between the two locations that your daughter will be attending school...You don't mention budget, preference for type of housing and I'm not sure if one or both of you would have a car or you'd need to rely on transit. If your daughter doesn't have a car, I would try and stay on the Expo Line of the Skytrain. That will get her out to the Surrey Central station pretty easily (where SFU Surrey is) and also make it relatively easy to get to SFU Burnaby (stopping at Production Way and then bussing from there). For you...I'd try not to go too far east (or north) and stick around the level of 41st/49th in Vancouver. Possibly the area around the Joyce Skytrain station (or maybe Patterson or Royal Oak) would work as a compromise for you both.
Thanks for your reply. My budget is upto CAD 2200/month for one bed room apartment or spacious basement in safe area. Only one of us would use car other by transit. I hope now you can advise better.
I grew up in chilliwack. Up untill i was 30 it was a great city, affordable, crime free (i never locked my doors) beutiful views, hiking, a lake but then overnight it became a #$%&hole. I moved to the states (married) and hear so many bad stories that now that im coming back to BC (divorce) im looking at vancouver (considered montreal but without french good luck getting a job)
Yeah, I hear you @rickprocure6321...not sure how old you are exactly, but a lot has changed here in MY lifetime. Nothing is the same really. I think that's part of the reality of getting older, but also the pace at which things change these days. I can't speak for the changes in Chilliwack (don't think I really went out there other than to Cultus Lake or Splashdown until my 30s)...but I think Vancouver has navigated it's changes pretty well (although there's always room for improvement).
I don't know, I bought a house in Chilliwack on Promontory 20 years ago and I love it here still. Where I am it's quiet which is extremely important to me. I can walk out my door and hike the local trails or walk to the river. In 20 years I've never had stuff stolen from my house or even had a package taken. This used to be the "rich area" but crime has gone down over the years as other places have become the "place for criminals to travel to" so now it's more rowdy teenagers ringing doorbells and things like that. Chilliwack does have rough parts though, it always has. Every city does. I totally disagree with you about the whole of Chilliwack going to hell though. Lots of its current problems (homelessness for example, which is happening all over Canada and America) are happening all throughout BC. Also, every ctiy has its ups and downs. If a person wants a vibrant nightlife yeah Chilliwack isn't it. As for changes the city has gotten bigger which is not really my thing as I hate crowds. As for BC, as a province, it's a high cost of living place, my family couldn't afford to buy even in most of Chilliwack today, and I just keep being glad that we bought when we did.
@SM-tu5cn I'd consider a suburb to be an area that's dependent on economic and social activity in an associated metropolitan area. I know that technically Abbotsford is outside of Metro Vancouver...but it wouldn't exist at it's size without the presence of the primary economic driver of the region being nearby. So, in my books, I consider Abbotsford a suburb of Vancouver.
@@LivingInVancouver-BC is this a Robotic Comment that has no empathy, Hey A.I , explain how working hard and working smart always go hand in hand. Everyone has both of those and sees a future in this great world ran by . Canadian and American leadership. Better delete this comment don’t want to ruin your Mojo🎉
@kringekevthegamekat7239 If any comment in this thread was AI generated, it was likely the first one. LOL. My point is that there's opportunity for those that want to find it.
@LivingInVancouver-BC I make 70k a year and if I didn't get in early in life I would be screwed. I'm pretty lazy tho so I accept my good fortune being over 40.
Another great content from you. Chinese New Year, was busy. Found a great content for you th-cam.com/video/sDVinKMzO70/w-d-xo.html ..... perhaps you can come up with another great content specifically for those who planned to move to vnacouver/canada .. maybe this too related to real estate...
![[UNCUT] "บอสณวัฒน์" แฉ! แหล่งซุกเงินแก๊งบอส ขยันผิดที่ไม่กี่ปีก็เข้าคุก l คนดังนั่งเคลียร์ l17ต.ค.67](http://i.ytimg.com/vi/BL56qIfXYZM/mqdefault.jpg)
After watching this video, which area in Vancouver are you thinking of moving to?
Call/Text Direct - 604-831-4837
email: sebastian@albrechtgroup.ca
website: www.calendly.com/albrechtgroup
It's sad to think that you need a 100k salary to even begin thinking about buying a home now :(
@ntt2k It's certainly a much more expensive world than when I was young. I remember paying less than $200K for my first condo in 1997 in Kitsilano...
And it's important to know it shouldn't be, our economy has been artificially inflated and now we will be the ones to pay. 60% of Canadians are making less than 70k a year 60% of our own country cannot think about buying a home with out signing away life long debts....
I know everyone thinks real estate agents want prices higher. The truth is that if more people could afford homes, my job would be a lot easier. And, I worry about my children being able to afford to live in Vancouver (the city I was born and raised in) when they grow up. So, I hear you @madayis9707. I can't speak for the rest of Canada, but I don't see Vancouver getting less expensive. It's too small and too desirable on a national and international level.
Hi @Neililaxx…that’s your total pre-tax household income…doesn’t matter if you are one income earner or more than one…these same rough calculations would apply.
@@Neililaxx The calculations are based on net family income, whether it's 1 or 2 people
Your content has been very good overall. This current video on affordability based on salary would have been more informative if it separated the the salary requirements for purchasing detached vs. attached properties. Most users looking at your information are probably looking at condos in these areas. Two videos would work better: one for houses and one for condos.
Thanks for watching @louiezioulas791 and for sharing this feedback. The idea of the video was to give a rough overview of the entire region...I hadn't thought of splitting up videos, but I did end up deciding that covering all three housing types (detached, attached and condos) would have been too much for this one video. I think you have a point that there would be value in making more specific and detailed separate videos. Perhaps that's an idea for down the road.
@@LivingInVancouver-BC Yes I would love to see the same video but focused on condo/townhouse affordability as thats where my budget is at currently
This video is very insightful. Thank you for the information!
That’s fantastic! Happy to hear that…and thank you for watching!
Watching this video for the second time gave me an epiphany. Our primary focus should be on a detached home, outside of Vancouver by 30-50km with a value of $1,000,000. Ideally lower crime, close access to Chinese grocery stores, and a decent walking index for daily activities. This would give us a lot of freedom. With our son, and a TH-cam business, I can't see a condo working. From what I see in this video, this gives us a lot of options. I also watched your video on what you need to make. We won't have a mortgage, and no strata fees making this a better option, though we will likely need a car. Vancouver is still preferred, but I'm not sure we can afford the options. It's about long term sustainability for us...
@OrdinaryFilmmaker The trouble would be that the areas in the suburbs with houses in that price range wouldn't be walkable. They are suburban. And those walkable areas in the more distant suburbs (where you could possibly find a house closer to $1M) are usually the areas that you wouldn't really want to live in (if you can avoid it).
@@LivingInVancouver-BC I figure that is the mostly likely outcome, but I wonder if there are exceptions. I live in a small town in the GTA. I can walk to most things. I'm wondering if it possible to find some neighbourhoods where we can walk to dentist, grocery, hardware, Canadian tire kind of shops. If it looks like everything is a drive, then what if we go up to 1.5M? These are some things I have been thinking of as I rewatched some of your videos today. Not having unlimited funds, I have realized I have to push boundaries and see what clicks. We have t be careful not to be blind to the vision of what we want, but also remember the capabilities we want... glad we have time on our side...
At a $1M I think it would be nearly impossible to find the type of place you are referring to. At $1.5M it's more likely...but keep in mind all the "walkable" areas in Metro Vancouver are seeing immense development pressure (being the areas closest to the core and transit)...so those single family residential neighborhoods are disappearing quickly. A townhouse in those areas might be more likely (and not as expensive).
@@LivingInVancouver-BC I stand by the capabilities we want - our target state; but we might need a reality check. It's a lot of information to dig through. Your videos have helped open our eyes.
@OrdinaryFilmmaker Yes, for sure. The videos help, but nothing beats being here in person and having boots on the ground!
These figures are for all homes including condos. You can't buy a detached home in any of the areas mentioned unless you pay at least double the typical home price in this vid. If you want a nicer detached home you will have to pay 3-4 times the average home price.
Hi @markadler8968. Thank you for taking the time to watch the video and share your observation. You are absolutely right that the HPI Price Index isn't specifically indicating the value of a house in these areas...it indicates what a typical home in that city costs (as I mention in the video). For simplicity (and time), I didn't break these numbers down into the different housing options. ALL of my other videos are very specific about prices for each housing type. Given the sheer volume of areas I was trying to cover here, there simply wasn't time to do that here. The idea with this video was to give viewers a rough idea of affordability based on income. More investigation would need to be done by the viewers depending on their housing preference.
As some of the other posters have said, the HPI metric you're using really isn't the best for this type of video because the different cities have a vastly different mix of property types. For example, New Westminster has a far higher concentration of smaller property types (condos) versus the other two municipalities you have in that income bracket (Pitt Meadows has very few condos and Mission almost none)
It would probably be a better idea to pick an asset class (1br condo, townhouse, detached, etc...) to compare the different affordability points that you're trying to get across and to show affordability for that asset class.
I hear you, @philisdaman99. And I appreciate you watching and sharing your opinion. I know that there are limitations to the data here (and incidentally, in other videos I get very specific about prices of different property types).
My vision for this video was to do something a little different. To give a broad overview of affordability through the region...to help people see the bigger picture that I don't really see talked about much.
As you suggest, there could be value in breaking it down into specific property types (unfortunately, we don't get HPI broken down into specifics such as number of bedrooms - just detached, townhouse or apartment).
In any case, perhaps this could become a series in the not too distant future. Thanks again @philisdaman99!
The average income for metro Vancouver is very average like $90K, so it's very unaffordable to live there. I have family there and wanted to move, but I make single income $95K, so I can't afford to live there. I don't like commuting 2 hours daily either or live in basements. I'll probably live in Regina and visit family there.
Is this gross or take home annual income ?
Hi @bonnyjasani396! It’s gross income that’s used in the calculation.
You aren't factoring in taxes, or you will need to amend this to say your after-tax income which makes this all the more abysmal.
For instance, the after tax income of someone who makes $225,000 is $141,710 in BC, leaving just 11,809 per month, a far cry from the $16,260 you mention needing for Burnaby. To clear that you'd need to make almost $340,00 in pre-tax employment income. This puts you in the firmly in the 1%.
For North Van you'd need over $450,000 in pre-tax income.
Does anyone think that's reasonable?
Hi Sebastian,
I plan to move to Vancouver/suburb in coming fall season as my daughter will go to SFU. But her first year would be at Surrey campus and rest of 3 years would be at Burnaby campus. I will be working at UBC campus. Could you please suggest few good neighbourhoods from where it would be easy to commute to UBC ( for me) and SFU( for my daughter considering her first year at Surrey campus. I don't want to shift my rental accommodation( one bedroom apartment or decent basement) frequently and looking for a place where I can live safely with my family of 4 members, for next 4 years/ until her graduation.
Thanks in advance.
Hi @maishaanwer6143! Hmm. That's tough. There's a big difference between the two locations that your daughter will be attending school...You don't mention budget, preference for type of housing and I'm not sure if one or both of you would have a car or you'd need to rely on transit. If your daughter doesn't have a car, I would try and stay on the Expo Line of the Skytrain. That will get her out to the Surrey Central station pretty easily (where SFU Surrey is) and also make it relatively easy to get to SFU Burnaby (stopping at Production Way and then bussing from there). For you...I'd try not to go too far east (or north) and stick around the level of 41st/49th in Vancouver. Possibly the area around the Joyce Skytrain station (or maybe Patterson or Royal Oak) would work as a compromise for you both.
Thanks for your reply. My budget is upto CAD 2200/month for one bed room apartment or spacious basement in safe area. Only one of us would use car other by transit. I hope now you can advise better.
Hi @maishaanwer6143 I would suggest the areas that I mentioned above would be your best bet still.
Thanks for advice. Really appreciate it
No problem! Good luck!
I grew up in chilliwack. Up untill i was 30 it was a great city, affordable, crime free (i never locked my doors) beutiful views, hiking, a lake but then overnight it became a #$%&hole. I moved to the states (married) and hear so many bad stories that now that im coming back to BC (divorce) im looking at vancouver (considered montreal but without french good luck getting a job)
Yeah, I hear you @rickprocure6321...not sure how old you are exactly, but a lot has changed here in MY lifetime. Nothing is the same really. I think that's part of the reality of getting older, but also the pace at which things change these days. I can't speak for the changes in Chilliwack (don't think I really went out there other than to Cultus Lake or Splashdown until my 30s)...but I think Vancouver has navigated it's changes pretty well (although there's always room for improvement).
@@LivingInVancouver-BC im 47. I lived there until 2012.
Oh...that wasn't so long ago! But yeah, I think Chilliwack is one of those areas (like Squamish) that saw MASSIVE changes through Covid.
I don't know, I bought a house in Chilliwack on Promontory 20 years ago and I love it here still. Where I am it's quiet which is extremely important to me. I can walk out my door and hike the local trails or walk to the river. In 20 years I've never had stuff stolen from my house or even had a package taken. This used to be the "rich area" but crime has gone down over the years as other places have become the "place for criminals to travel to" so now it's more rowdy teenagers ringing doorbells and things like that.
Chilliwack does have rough parts though, it always has. Every city does. I totally disagree with you about the whole of Chilliwack going to hell though. Lots of its current problems (homelessness for example, which is happening all over Canada and America) are happening all throughout BC. Also, every ctiy has its ups and downs. If a person wants a vibrant nightlife yeah Chilliwack isn't it. As for changes the city has gotten bigger which is not really my thing as I hate crowds.
As for BC, as a province, it's a high cost of living place, my family couldn't afford to buy even in most of Chilliwack today, and I just keep being glad that we bought when we did.
Whats your definition of suburb??? Because Abbotsford...
@SM-tu5cn I'd consider a suburb to be an area that's dependent on economic and social activity in an associated metropolitan area. I know that technically Abbotsford is outside of Metro Vancouver...but it wouldn't exist at it's size without the presence of the primary economic driver of the region being nearby. So, in my books, I consider Abbotsford a suburb of Vancouver.
Technically the lower mainland is whistler to hope. So by that definition abby is a suburb
👍
LOLOLOLOLOL. I can never afford a home.
Yeah @AhhhSukeSuke...I don't think you are alone. It's a tough market these days.
5 year fixed?
Yes. Sorry, that was supposed to be written on the screen, too. 5 year fixed interest rate. 25 year amortization.
chilliwack is so much better than abbotsford for so many reasons
I'm curious...what are your reasons @disneykilledstarwars?
young people are doomed
@bd23223 I don't know about that. There's a lot of opportunity for people that are smart and hard-working.
@@LivingInVancouver-BC is this a Robotic Comment that has no empathy, Hey A.I , explain how working hard and working smart always go hand in hand. Everyone has both of those and sees a future in this great world ran by . Canadian and American leadership. Better delete this comment don’t want to ruin your Mojo🎉
@kringekevthegamekat7239 If any comment in this thread was AI generated, it was likely the first one. LOL.
My point is that there's opportunity for those that want to find it.
@LivingInVancouver-BC I make 70k a year and if I didn't get in early in life I would be screwed. I'm pretty lazy tho so I accept my good fortune being over 40.
@kringekevthegamekat7239 A little bit of luck and good fortune goes a long way, too.
Another great content from you. Chinese New Year, was busy. Found a great content for you th-cam.com/video/sDVinKMzO70/w-d-xo.html ..... perhaps you can come up with another great content specifically for those who planned to move to vnacouver/canada .. maybe this too related to real estate...
Thanks @frankielee908! Ouch...I feel bad for this couple that appears to have been caught in the weeds of our tax system!
How many people make that?Probably 0.001%?
@user-fe5lr9zt3y Which number are you referring to?
@@LivingInVancouver-BC even 100 000$ ,average wage in Canada 54000 per year?
In 2021 20.1% of the Canadian population made more than $100,000 (and nearly 6 million households).