Is it true that even if you have 100 000 in the bank and an annual income of 100 000 you would still only be able to afford a small studio apartment in an old building in Vancouver BC

Is it true that even if you have 100 000 in the bank and an annual income of 100 000 you would still only be able to afford a small studio apartment in an old building in Vancouver BC

Well you wouldn’t be to buy a house that’s for sure.Most homes start at $2million.But you may be able to afford a condo, depending on what area of the city.

You could definitely rent with that budget but what you can rent depends on what you’re willing to pay.Based on the suggestion that you dont spend more than 40% of your income on rent, you would have about $40k to spend on rent over the year.Assuming the $100k is after taxes.

If its before taxes, you’ll have to work with about $30k for your 40% rental budget.That works out to $2500 a month so you’d be able to afford a 1 or 2-bedroom rental almost anywhere in the Vancouver area.That could be a 3–story walk up or a new highrise or even a suite in a home.

How nice a 2-bedroom depends on what area of the city.But you definitely could afford more than a studio without touching your savings.You could get something decent for that price, not to worry.

Renting you will be fine.Others have discussed purchase.Your $100,000 equates to $74000 after tax income, which is $6166 per month.

CHMC says affordable rent is less than 30% of your pre-tax income.So that is $3000 per month in your case.

Yes, you’d be very hard pressed to find anything in Vancouver proper with that kind of money.Using Margarert’s numbers I looked at Port Moody.You can definitely get more for less if you look outside Vancouver.

Port Moody is lovely and is on the new Skytrain route.I found one apartment with one bedroom; and one 900 sq ft with two bedrooms.

That would depend on a few things: How much does a small studio apartment cost in that part of town?How much debt (besides the new mortgage) do you have now?How much of your savings are you looking to put down towards your new home?How is your credit history?Talk to a local real estate professional.They can give you an idea of what your current income and obligations will allow you to afford, and then show you properties in your range.

Probably.

Prices vary based on location in Vancouver.

Yes!