Metro Vancouver has its ups and downs as any other place. However, the real estate category is a bit horrific to newcomers. With new information and statistics an estimate was taken about how a renter needs around 17 years to save for a home. Whilst Vancouver has got its spot as relevantly expensive, the charts are exploding with all sorts of Cities in Metro Vancouver.

In the top 20 expensive areas, these comers pop up frequently. These include the populated Langley, Richmond Hill, Vancouver, Burnaby, Coquitlam, and Surrey.

Costs of livings, with statistics and information

Real estate markets are constantly changing, whether that be the mansion tax in LA, to Metro Vancouver. The statistics and numbers are constantly changing and according to statistics and graphs; below is new information and statistics. Taking the average from Vancouver, it is common to pay $142,740 for the down payment. A reminder is that the upfront costs have both closing and down payment.

The benchmark price of a singular home for Vancouver is an astonishing grand price of $713,000. According to statistics, Metro Vancouver’s median annual rental income is $73,769, of which 20% is $14,754.

Metro Vancouver cities information

In all of  BC, Vancouver beats them all with a median initial cost to buy a home of $256,775. With that information and average salaries, Point2Homes suggests it would take around 17 full years to accumulate those savings.

The average first year cost of owning a home in Vancouver, which includes an annual mortgage, property taxes, and homeowners insurance, is $369,051. Richmond, and British Columbia is around the same time, but relatively lower with $243,454. Coquitlam lets its residents take a free for a year, however, it still takes 16 years to save to be able to $229,164. Burnaby specifically  has a relatively lower average, but it still takes a whole 15 years to amass the average initial cost of buying a home in that city of $226,217.

Surrey and Langley both are each around 14 years old just to save up enough cash. Richmond Hill has beaten everyone else with a whopping 22 years. Becoming the most expensive, with costs totaling $304,647.

Note that all this information comes from averages of salaries, inflation, tax, the place and immensely more. All this information could vary specifically for each person. Overall, each place has its own salaries and inflation rates. Its important to stay up with recent events and news. Matinhomes is an amazing place to catch up with everything.