Mortgage Payments Now Exceeding 60%!
Monthly Qualifying Income
Typical mortgage payments would gobble up 62% of typical Kelowna (and most of Canadians family’s income. A typical mortgage on a typical home for a typical family would devour 61.8% of after-tax income. Thus, a typical family would never qualify for a mortgage that would eradicate almost two thirds of their take home pay.
Based on the Fraser Institute’s ‘Home Ownership and Rent Affordability in Canadian Census Metropolitan Areas 2014-2023’, with numbers from Statistics Canada, real estate boards and mortgage lenders.
In 2023, a typical Kelowna family was bringing in $66,550 in after-tax annual income.
That’s $5,545 per month.
In the same year, the composite benchmark selling price of all types of housing (single-family house, townhouse and condominium) was $667,400.
The monthly mortgage payment for that $667,400 home is $3,430, the aforementioned 61.8% of the $5,545 after-tax monthly income.
Kelowna was 13th most unaffordable on that list with 61.8% after No. 1 Vancouver at 112%. Toronto’s 110%. The two closest to Kelowna were London and Kamloops with almost 62% each.
Calgary is at 45%, Edmonton 32%.
The most affordable of the 36 cities ranked were Fredericton at 27.2% and Regina and Trois-Rivieres at 28.2%.
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