Metro Vancouver has some of the highest home prices in North America. The income needed to buy varies enormously between the City of Vancouver and the surrounding Fraser Valley.
Metro Vancouver housing prices by property type
| Property Type | City of Vancouver | Metro Vancouver | Fraser Valley |
|---|---|---|---|
| All types | $1,280,000 | $1,170,000 | $960,000 |
| Detached | $2,100,000 | $1,850,000 | $1,200,000 |
| Townhouse | $1,150,000 | $1,020,000 | $780,000 |
| Condo apartment | $790,000 | $750,000 | $530,000 |
Sources: Real Estate Board of Greater Vancouver, Fraser Valley Real Estate Board, February 2026.
Income needed by property type (20% down)
Assumes 4.5% mortgage rate, 25-year amortization, $400/month property tax, minimal debt.
| Property Type | Price | Mortgage (80%) | Monthly Payment | Income Needed |
|---|---|---|---|---|
| Vancouver detached | $2,100,000 | $1,680,000 | $9,240 | ~$375,000 |
| Metro detached | $1,850,000 | $1,480,000 | $8,140 | ~$332,000 |
| Metro townhouse | $1,020,000 | $816,000 | $4,488 | ~$192,000* |
| Metro condo | $750,000 | $600,000 | $3,300 | ~$155,000* |
| Fraser Valley detached | $1,200,000 | $960,000 | $5,280 | ~$220,000 |
| Fraser Valley townhouse | $780,000 | $624,000 | $3,432 | ~$150,000* |
| Fraser Valley condo | $530,000 | $424,000 | $2,332 | ~$110,000* |
Condo and townhouse estimates include $500–$700/month strata fees in the GDS calculation.
Income needed by municipality
| Municipality | Average Home Price | Income Needed (20% Down) |
|---|---|---|
| Vancouver West Side | $2,300,000 | ~$395,000 |
| Vancouver East Side | $1,400,000 | ~$255,000 |
| North Vancouver | $1,350,000 | ~$248,000 |
| West Vancouver | $2,800,000 | ~$475,000+ |
| Burnaby | $1,100,000 | ~$207,000 |
| Richmond | $1,150,000 | ~$215,000 |
| Coquitlam | $1,000,000 | ~$191,000 |
| New Westminster | $850,000 | ~$167,000 |
| Surrey | $950,000 | ~$183,000 |
| Langley | $870,000 | ~$170,000 |
| Maple Ridge | $800,000 | ~$159,000 |
| Abbotsford | $730,000 | ~$148,000 |
| Chilliwack | $620,000 | ~$130,000 |
Impact of down payment size
Using the Metro Vancouver average of $1,170,000:
| Down Payment | Amount | Mortgage | Monthly Payment | Income Needed |
|---|---|---|---|---|
| 20% (minimum for $1M+) | $234,000 | $936,000 | $5,148 | ~$215,000 |
| 25% | $292,500 | $877,500 | $4,826 | ~$203,000 |
| 30% | $351,000 | $819,000 | $4,505 | ~$191,000 |
| 35% | $409,500 | $760,500 | $4,183 | ~$178,000 |
Note: Almost all Metro Vancouver home purchases above the average price require 20%+ down because CMHC insurance caps at $1,000,000.
BC-specific costs that affect buying power
| Cost | Amount | Impact |
|---|---|---|
| Property Transfer Tax | 1% on first $200K, 2% on $200K–$2M, 3% on $2M+ | $20,000+ on average Metro home |
| First-time buyer PTT exemption | Full exemption up to $500K, partial to $525K | Saves up to $8,000 — but only on lower-priced homes |
| Newly built home PTT exemption | Full exemption up to $750K, partial to $800K | Significant savings on new construction |
| Speculation and Vacancy Tax | 0.5–2% of assessed value annually | Applies to vacant properties in specified areas |
| Empty Homes Tax (Vancouver) | 3% of assessed value | City of Vancouver only — must be occupied or rented |
| Foreign Buyers Tax | 20% additional PTT | Non-residents and foreign corporations |
Strategies for buying in Vancouver
| Strategy | How It Helps |
|---|---|
| Start with a Fraser Valley condo | $400,000–$530,000 condos need ~$90,000–$110,000 income |
| Move to the commuter belt | Maple Ridge, Langley, Abbotsford — 30–45% cheaper than Vancouver |
| Use FHSA + HBP | Up to $100,000+ per person in tax-advantaged funds |
| Buy a condo with rental suite potential | Laneway homes and coach houses may generate income |
| Target new construction | Higher PTT exemption threshold ($750K vs $500K) |
| Consider co-purchasing | Split costs with a trusted partner or family member |
How debt affects buying power
On a $175,000 household income:
| Monthly Debt | Max Home Price | What You Can Buy |
|---|---|---|
| $0 | ~$920,000 | Fraser Valley detached or Metro condo |
| $500 | ~$810,000 | Maple Ridge detached or Burnaby condo |
| $1,000 | ~$700,000 | Abbotsford detached or Surrey condo |
| $1,500 | ~$590,000 | Fraser Valley condo or Chilliwack townhome |