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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.

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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

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