The minimum annual income needed to buy a home in Vancouver has increased to $246,100, according to Ratehub.ca. Despite a small decrease in the average home price, the rise in mortgage rates has caused affordability to worsen. Vancouver has the highest average home price in Canada at $1,208,400, and the median income for an individual in the city is only $42,000. With income inequality high and the Gini index ranking Vancouver one of the highest in the country, many households are struggling to purchase a home.
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