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Gross Debt Service!

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.