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:
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:
Ephraim is currently a journalist at Mortgage Broker News, Real Estate Professional and Canadian Real Estate Wealth.
Ephraim is a highly accomplished news reporter whose work has been published across North America and the Asia Pacific region. Before joining Key Media, Ephraim spent eight years working as a journalist with Reuters TV. His areas of expertise include real estate, mortgage, and finance.
LinkedIn | Email
