How do you figure? A 400 sq ft apartment is in the 230k range. You need 5% down, $11,500 and the payments would be around $575 bi-weekly and thats not even stretching the amortization past 25 years (assuming a 4% int rate, which is readily available on variable rate mtgs at the moment).

So even if you make 40k per year which is roughly $2500 /month after tax, you could easily live with that payment. I'm not saying it will be comfortable, or it is fair compared to other places where one can buy a 2000 sq ft house for 230k...but such is supply/demand and good old artificial inflation.

Hah, sure if they can continue working for the same wage as they were making down on the coast.

Speaking of Kelowna, we are one of the most expensive cities in Canada in which to live, above Vancouver. Local politicians have coined our city as "Extremely unaffordable". When you take into account the "sunshine tax" we pay up here (lower wages than what you would pull in down on the coast for the same job) it really isn't all much more affordable as an option for someone seeking a better life finanically.

We are a tourist town that caters to rich retiree's, they don't worry about wages, neither do the rich oilfield workers who buy up vacation properties and live in them 2 months of the year.

Another thing to take into account is that our rental vacancy rate is below 0.1%. Good luck finding somewhere to live that doesn't involve at least a half a million mortgage.

It's a beautiful place to live, but beauty comes at a price.

BC is a retirement provincial..if your rich you can do w/e.. but if your poor..your screwed...that chart...probably calculated in Quebec or toronto..ex. Tim hortons in BC wage is 8:50. whereas in Quebec Wage is arround 10.50. compare that.

Great insight. Thanks.

will be interesting w/ recsssion how much this drops in 2009!!!

Jan 2009 is already posted, in the same link. wages went up...

i guess you can go to a senior home!

im 19 making 19 dolla an hour =balla

I'ma 12 dolla balla -->>12

fuck man, i'm not even making the 2009 average wage at 18yo.. fuck my work is BS.

yo it says Business, finance and administrative occupations $21.23/hour. does this sound right?
thats so little for 2 or 4 years of school. makes me not wanna go back to school.

nice post REV.

Sounds about right to me, you're not gunna hop out of Uni/College and start pulling in 70k+ a year, gunna have to work your way up, or get a mad connection

no kidding! spoiled brats

Im above av thats all i care!

what the fuck kinda jobs are 15 yr olds getting nearly 15 an hour??!? wtf this is gay i need a new job

Maybe I'm delusional since I spend a lot of time downtown (work, etc.), but I figure the average wage in Vancouver must be higher than $24/hour. I figure it should be in the $35-40 range, especially with the way people spend money here. I cook several times a week and my food/beverage expenses still eclipse $500/month. And no, I don't shop at Capers/Whole Foods/Urban Fare.

One thing Rev failed to mention is that if you rent part of your property, you can write off various expenses including mortgage interest, maintenance fees, etc.

35-40?? Not likely. Then you're saying the average person in Vancouver makes 80k a year?

24 is reasonable, that's a 50k/year job. How many people do you know make 80K? And yes, I mean outside your close knit circle of well heeled friends.

20- 25 for me .

if you living an a 2 bedroom apt and are renting out the 2nd bedroom, can you write off the whole amount? or only half of it? what about TV, internet, elect bill ect?

http://www40.statcan.ca/l01/cst01/labor50i-eng.htm
This is 7 years old, yet it'll give you a hint. Those with a degree were making $47K 8 years ago, probably closer to $60K now.

$60K is about $3800/mn after taxes. You should beable to live comfortably on that:
$1000 rent + utils
$500 car payments
$300 gas/ins
$500 groceries
==
$2300 with $1500 left over every month to eat out, buy clothes, ...

The people you see out are spending every dime of that $1500 and have zero savings.

Watch this practice, you'll lose the capital gains exemption on your house.

You can write off nothing, you're renting.

If you owned the place you could, yet then you'd have to claim the income from the renter and pay tax on it.

The average Vancouver family made $63K in 2006 according to StatsCan, the average person made a little more than half that.

what? it says I'm renting out the 2nd bmd... which would conclude I own both.

That pretty encouraging especially if the weak inflation numbers are right.

Hey, how come no-ones laughing??