Despite exhibiting consistently inflamed price averages, BC’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 BC 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.
BC’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
BC Cities with Slightly More Affordable Homes by Ephraim Vecina | Canadian Real Estate Wealth
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