The rule of thumb is that housing shouldn’t take up more than 32% of your household’s pre-tax income. In Vancouver, however, the rules don’t always apply.
RBC just issued a report that suggests housing in Vancouver takes up to 70% of the typical household’s pre-tax income (for an average detached bungalow). By comparison, it’s 43% in Toronto and 40% in Calgary.
This underscores why CHMC and mortgage lenders have been pushing so hard to make mortgages accessible to average Canadians.
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