B.C. cities with slightly more affordable homes

Despite exhibiting consistently inflamed price averages, B.C.’s housing market still offers some pockets of relative affordability that households can take advantage of, according to a new analysis by real estate portal Zoocasa.

Single-income households have no luck, however; no B.C. metropolitan market even comes close to the economist-recommended home-price-to-income ratio of 3. In Vancouver, an average home costs at least 32 times the income of a single-earning household, and 14 times that of two-or-more person households.

The Zoocasa study calculated the home-price-to-income ratios of the province’s major cities using data from Statistics Canada. A lower ratio means shorter time needed for paying off a home purchase.

Read more: Vancouver officials push for vertical expansion to increase liveable space

B.C.’s most affordable cities for housing are as follows:

Rank 1 - Prince George

  • Single Income Ratio: 9
  • Dual-Income Ratio: 4
  • Average Price: $347,470

Rank 2 - Kamloops

  • Single Income Ratio: 12
  • Dual-Income Ratio: 4
  • Average Price: $406,768

Rank 3 - Campbell River

  • Single Income Ratio: 14
  • Dual-Income Ratio: 6
  • Average Price: $457,301

Rank 4 - Langford

  • Single Income Ratio: 14
  • Dual-Income Ratio: 6
  • Average Price: $596,816

Rank 5 - Penticton

  • Single Income Ratio: 15
  • Dual-Income Ratio: 6
  • Average Price: $439,957

 

Related stories:
Affordability remains an ever-distant dream for Vancouver’s would-be buyers
Land transfer taxes hound first-time buyers in hottest markets

 

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

Get help choosing the best mortgage rate

Just fill in a few details, and we'll arrange for a Mortgage adviser to help you find the best mortgage for your needs

  • How soon do you want a mortgage?
  • Name
  • Where do you live?
  • Phone number
  • E-mail address

Industry news

Submit a press release

Poll

Do you invest in commercial properties?