CMHC Defines Affordable as Anything Under $400,000
It’s obvious that pathetically low incomes and excessively high house prices are a real drag on the Canadian economy. With Canadians now indebted up to their eyeballs, thanks in part to massive mortgages, many bankers fear it’s threatening Canadas financial stability. Low incomes, high debt levels, and a recent case of Irrational Exuberance in Vancouver has forced CMHC to raise the red flag today. CMHC called Vancouver real estate problematic and overvalued. They also released this chart which shows how much household income you need to qualify for a home across Metro Vancouver.
What’s the average household income in Vancouver?
[table id=15 /] Although Vancouver doesn’t have the lowest wages, we certainly have the highest home prices by a long shot.