This White Rock home would run you $1.3 million, the benchmark price for a home in the city. (Zoocasa)

It could take you 218 years to save up for a house in this B.C. neighbourhood

It would take 27 years in the most affordable city in the Lower Mainland

Are you saving up for a house? Well, better prepare yourself because you could be on a budget for more than 200 years.

That not-so-great news comes from real estate firm Zoocasa, which looked at how long a median-income household would take to save up for a new home if they saved 20 per cent of their salary.

The median income for homes in Vancouver’s West End neighbourhood is $65,327, the firm says, so it would take 218 years to afford a whopping $2.9-million benchmark price detached home.

West Vancouver was the second least affordable area, with a median household income of $89,808 and a timespan of 134 years before one could afford to a $2.5-million detached home.

READ MORE: The priciest home for sale in Canada is a $38M Vancouver penthouse

On the other end of the scale, a Maple Ridge household with a median income of $86,178 would only need to wait 27 years before they could afford a $804,200 detached home, based on the benchmark price.

In Surrey, the fastest growing city in the Lower Mainland, a median household income of $77,494 and benchmark detached home price of $979,767 would leave a family waiting 46 years.

In the more affluent, but also much more expensive South Surrey and White Rock area, a $80,430 median income would entail saving up for 67 years before being able to buy a $1.3 million home.

This is how long it will take you to save up for a detached home in these Lower Mainland cities. (Zoocasa)


@katslepian

katya.slepian@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Just Posted

Jumbo saga reaches finale

A three-decade long disagreement comes to a close.

Province looking at steps to dissolve Jumbo resort municipality

Disincorporating municipality will likely require a legislative change, according to the province

Almost 20,000 parking tickets issued by Interior Health at hospitals in 2019

In 2018, pay parking in Interior Health hospitals totalled $5.3 million of their $2.2-billion budget

Ktunaxa, supporters celebrate protection of Qat’muk and the Jumbo valley

Speeches, acknowledgements and ceremonies mark an emotional gathering in Cranbrook

Former Waterside property to be rezoned?

Invermere residents supported rezoning Waterside property.

Officials reaching out to those in contact with Canada’s first coronavirus patient

The illness has sickened at least 1,975 people and killed 56 in China

Canada’s basketball community mourns Kobe Bryant after helicopter crash

Bryant was an 18-time NBA all-star who won five championships

‘Devastated’: Fans, celebrities remember Kobe Bryant after his death

Bryant played all of his 20-year career with the NBA with the Los Angeles Lakers

Kobe Bryant, daughter killed in California helicopter crash

Bryant entered the NBA draft straight out of high school in 1996

Investigation launched after six dead puppies dumped in Richmond hotel parking lot

RAPS reminds people they can always give up puppies they can’t take care of

Canadian Lunar New Year celebrations dampened by coronavirus worries

But Health Minister Patty Hajdu said today that the risk of infection is low

B.C. VIEWS: New coronavirus outbreak an important reminder

Walking the line between cautious and alarmist

Risk of coronavirus low in B.C. as first case emerges in Toronto: officials

There have been no confirmed cases of the virus in B.C.

Most Read