Saturday, August 18, 2018

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.
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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