You're going to need a hefty chunk of change at the ready.
As of Dec. 15, homeseekers are now able to provide a down payment of less than 20% on homes priced up to $1.5 million, because mortgage insurance is available.
Doing some quick math, 20% of $1.5 million is $300,000. There are also other fees and payments, including closing costs and land transfers, involved when buying a home, so the total savings you need will be more than this. What income do I need to afford a $1.5-million home? To help determine if you qualify for a loan, banks and other lenders use two formulas. The first is the gross debt service ratio and the second is the total debt service ratio. For these calculations, you’ll need to know the average annual heating costs for the property you’re interested in. You should ask the listing agent, your buyer’s agent or the seller what the average heating costs are.
The average annual income needed to satisfy these requirements in Vancouver and most of the Lower Mainland for a $1.5-million home hovers at around $270,000. But remember this is the bare minimum, and doesn't include other expenses nor account for any breathing room for financial emergencies.
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